Aker BP has agreed to book up two Maersk Drilling oil rigs for five years in a deal worth an estimated $1billion.
The firm, one of the largest operators in Norway, has signed a renewed frame agreement for the Maersk Integrator and Maersk Invincible.
Both vessels have recently been working for Aker BP (Oslo: AKRBP) in the country’s waters.
Maersk Drilling, listed in Copenhagen (CPH: DRLCO), said the revised setup will allow Aker BP to assign the rigs to multiple operations across Norway during the five-year period.
Different rate structures will apply during the contract, including different operating modes and incentive schemes.
Maersk Drilling said it will publish announcements upon conclusion of final contracts, but Aker BP has awarded a letter of award for the two vessels for different scopes from mid-2023 to end of 2027.
Chief executive Jorn Madsen said: “We are absolutely delighted to re-affirm our commitment to Aker BP for another five years and to secure major scope additions during these five years.
“Working in such a collaboration has long since proved its worth by setting new standards for what is achievable in offshore drilling, producing remarkable efficiency gains in many stages of drilling campaigns and in this way adding significant value creation for all parties involved.
“It is evident that we are able to raise the performance across the board when we collaborate closely as trusted partners, and by building further on our now well-established groundwork, we will be able to achieve even greater results.”
Maersk Integrator was delivered in 2015 and is currently warm-stacked near Stavanger having recently completed a drilling campaign for Aker BP.
The Maersk Invincible, another ultra-harsh environment jack-up rig, was delivered the following year and is currently operating for Aker BP offshore Norway.
Tommy Sigmundstad, senior vice president for Drilling & Wells at Aker BP, said: “This commitment by Aker BP to renew the frame agreement with Maersk and a long-term horizon for both the Maersk Invincible and Maersk Integrator reflects the value of our relationship, as we work together with our strategic partners to reduce waste and carbon footprint whilst lowering the cost per barrel.
“Strategic alliances in addition to the digitalisation strategy are key enablers to our ambitious improvement agenda.”
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