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    DRLCO   DK0061135753

THE DRILLING COMPANY OF 1972 A/S

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Drilling of 1972 A/S : Maersk Drilling and Aker BP agree to rig swap for extended scope offshore Norway

01/17/2022 | 01:15am EDT
Press release

17 January, 2022

Maersk Drilling and Aker BP agree to rig swap for extended scope offshore Norway Maersk Drilling and Aker BP have entered into a rig swap agreement whereby the jack-up rig Maersk Reacher is to be replaced by the low-emission jack-up rig Maersk Integrator offshore Norway end-February/early March 2022. Maersk Integrator will be prepared for well intervention and stimulation activities at the Valhall and Hod fields. The previously announced Maersk Reacher work scope will accordingly be transferred on to the Maersk Integrator with an added scope estimated to eight months, which means that Maersk Integrator will be employed until January 2023. This contract swap arrangement will add approximately USD 29m to Maersk Drilling's revenue backlog.

"We're delighted to confirm this contract following the news in December 2021 about our agreement to renew the frame agreement with Aker BP. Maersk Integrator will be employed to assist with the continued development of the Valhall and Hod fields, building on the excellent groundwork laid by the Maersk Reacher team in our collaboration with Aker BP. Our collaboration has provided ample proof that by working closely together based on shared incentives, we're able to produce remarkable efficiency gains to the benefit of all parties, lowering emissions and cost per barrel," says COO Morten Kelstrup of Maersk Drilling.

"Aker BP's commitment to this rig swap arrangement and contract for Maersk Integrator means we expect a further increase in efficiency for the intervention and stimulation activities at the Valhall and Hod fields. The contract is another testament to the joint team's ability to find a win-win solution in the current market conditions," says Tommy Sigmundstad, SVP Drilling & Wells in Aker BP.

Maersk Integrator is an ultra-harsh environment CJ70 XLE jack-up rig, designed for year-round operations in the North Sea and featuring hybrid, low-emission upgrades. It was delivered in 2015 and is currently warm-stacked in Åmøyfjorden outside Stavanger, Norway after completing a drilling campaign for Aker BP in November 2021.

Disclaimer

Maersk Drilling A/S published this content on 17 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 January 2022 06:14:07 UTC.


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Financials (USD)
Sales 2022 1 158 M - -
Net income 2022 -44,1 M - -
Net Debt 2022 545 M - -
P/E ratio 2022 -54,3x
Yield 2022 -
Capitalization 2 307 M 2 314 M -
EV / Sales 2022 2,46x
EV / Sales 2023 2,29x
Nbr of Employees 2 481
Free-Float 48,9%
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Jørn Madsen Chief Executive Officer
Christine J. Morris Chief Financial Officer
Claus Michael Hemmingsen Chief Executive Officer
Brian Nygaard Chief Process & Information Officer
Frederik Smidth Chief Technical Officer