Maersk released their fleet update status and below are the highlights
Commercial activity in Q1 2020:
Maersk Integrator Awarded extension from Aker BP in Norway with a minimum contractual duration of 93 days in direct continuation of the rig’s current work scope. The extension has a firm value of approximately USD 25.5m, excluding a potential performance bonus. (1)
Maersk Valiant Repsol exercised a one-well option with an estimated duration of 70 days. Expected commencement is August 2020, in direct continuation of the rig’s current work scope. Repsol will not make use of the second one-well option included in the original contract. (1)
Maersk Resilient Awarded one-well contract from Dana Petroleum in DK with an estimated duration of 110 days. The contract has a value of approximately USD 11.6m. The commencement date for the contract, which was originally scheduled for May 2020, is to be agreed upon with the customer.
Maersk Discoverer Awarded one-well contract in Egypt with an estimated duration of 21 days in direct continuation of the rig’s previous contract. The contract has a firm value of approximately USD 3.8m. The contract has since concluded.
Maersk Viking Awarded extension from POSCO International Corporation in Myanmar with an estimated duration of 20 days in direct continuation of the rig’s current work scope. The extension has a firm value of approximately USD 3.6m. The contract has since concluded.
Maersk Venturer Maersk Drilling received notification from Tullow Ghana Ltd. of early termination for convenience of the drilling contract for the rig. The rig is now expected to end the contract in June 2020. As a consequence of the termination, Maersk Drilling’s revenue contract backlog is reduced by USD 175m covering the period from the end of the contract to February 2022.
The total value of contracts and extensions awarded to Maersk Drilling in Q1 2020 was approximately USD 60m. At 31 March 2020, the contract backlog amounted to USD 1.7bn.
Subsequent events(2) :
Maersk Intrepid Awarded four-well extension from Equinor in Norway with an estimated duration of 339 days, plus an additional one-well option, plus the option of adding up to 120 additional days of well intervention. The contract is expected to commence in September 2020, and has a firm value of approximately USD 100m, including rig modifications and upgrades, but excluding the integrated services provided and potential performance bonuses
Mærsk Developer Maersk Drilling received notification from BG International Ltd., a subsidiary of Shell, of early termination of the drilling contract for the rig with immediate effect. The original end of contract was expected to be in August 2020. Maersk Drilling will receive compensation in the form of early termination fee.
Maersk Reacher Maersk Drilling received notification from Aker BP of early termination for convenience of the drilling contract for the rig, which was hired for accommodation services on the Valhall field, with effect from end-April 2020. The original end of contract was expected to be in October 2020. Maersk Drilling will receive compensation in the form of early termination fee.
Mærsk Deliverer Maersk Drilling has agreed with the customer, Inpex Australia, to suspend the contract with effect from 30 April 2020. Re-commencement of the contract is expected to be in October 2020. Maersk Drilling will receive a suspension rate during this period. The expected end-date of the firm contract period is now in August 2023.
Maersk Integrator Maersk Drilling has agreed with MOL Norge to transfer the contract for the Maersk Interceptor in Norway to the Maersk Integrator. The commencement will follow the completion of the Maersk Integrator’s work scope for Aker BP, expectedly in December 2020.
Mærsk Innovator Maersk Drilling received notification from CNOOC Petroleum Europe (“CNOOC”) that the final well under the rig’s work scope with CNOOC would not be drilled. The contract, which was originally scheduled to conclude in June 2020, therefore ended early, and the rig has been mobilised to Denmark where it will be warm-stacked and marketed for opportunities. Maersk Drilling expects to receive compensation in the form of early termination fee.
Mærsk Inspirer The restrictions imposed by the COVID-19 pandemic have affected the Egersund yard where the Mærsk Inspirer project is being conducted. The onshore modifications to the Mærsk Inspirer are currently scheduled to be completed in the fourth quarter of 2020, whereafter the rig will move offshore for hook-up and commissioning. It should be noted that pandemic-related restrictions may further affect the project, which means there is increased uncertainty around the project timeline.
Maersk Guardian Maersk Drilling received notification from Total E&P Danmark A/S of early termination for convenience of the accommodation contract for the rig with effect from 20 August 2020. The original end of the contract was expected to be in November 2021. Maersk Drilling expects to receive compensation in the form of early termination fee.
Maersk Resilient The commencement dates for the rig’s contracts with Petrogas E&P and Serica Energy UK, which were originally scheduled for March 2020 and October 2020, respectively, are to be agreed upon with the respective customers.
(1) Announced in Maersk Drilling’s previous Fleet Status Report dated 5 February 2020 (2) Contracts and/or extensions signed, as well as other fleet status revisions occurred after the end of Q1 2020 are not included in above contract backlog figure
Source: Maersk Drilling
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