Contractor Transocean will drill 22 wells for Statoil using its Spitsbergen rig over a 33 month period.
The contract is estimated to be worth $286million and is expected to commence in the third quarter of 2019.
Transocean chief executive Jeremy Thigpen said: “We are extremely pleased to have once again contracted the Transocean Spitsbergen with Statoil.
“This contract is a testament to the capability, reliability and efficiency of the asset, the expertise and professionalism of our crews and shorebased support, and the strength of our relationship with Statoil.
“We look forward to this opportunity to continue to exceed Statoil’s performance expectations.”