Aker Spitsbergen enters operations
(Thomson Reuters ONE) - During the weekend, Aker Spitsbergen left Norway's Klosterfjorden inSunnhordland community, for field deployment in the Norwegian Sea. The advanceddrilling rig arrived on site Monday morning, ready for drilling and welloperations at the Halten Nordland region, where Statoil is the operator.Construction and completion of the rig have taken longer than anticipated. Underthe original contract, the rig was to be delivered and ready for operations inFebruary 2008. One year ago, it was announced that the rig would be ready foroperations in the summer of 2009. However, deployment is taking place in January2010.In August 2009, the rig formally began its contract with Statoil, followingprotracted negotiations between Statoil and Aker Drilling regarding practicaland financial consequences of the delays, including liquidated damages for latedelivery, additional equipment costs, and day rates."Naturally, the delays and cost increases were disappointments. Now, however, weat Aker Drilling are extremely pleased that Aker Spitsbergen has also commencedoperations. Finally, the rig's highly qualified crew can demonstrate theirskills at sea and prove just how safely and efficiently this sophisticated rigwill operate," says Geir Sj?g, Aker Drilling's President and CEO.Three and a half years to goOnce operations begin, about three and a half years remain of the five-yearcontract confirmed by Statoil in April 2008. The oil company has exercised itsright to shorten the contractual period because of the delays. Statoil holdsoptions to extend the contract five times, each for a period of two years. Theagreed day rate during the option periods is higher than in the first five-yearperiod."Although the postponements and shorter charter period will reduce our fixeddrilling charter revenues, our goal, of course, is to make Statoil so satisfiedwith the rig and its crew that the company will want to extend the drillingcontract. As we see it, demand will increase for deepwater rigs with ourspecifications," says Mr. Sj?g.UpgradesAs early as in May this year, Aker Spitsbergen will again be wharfside. As partof the August 2009 negotiations with Statoil, the parties agreed to upgrade therig in the second quarter of 2010. The upgrades will make the rig even moreefficient at subsea well completion work and other operations.While the exact duration of the layover has yet to be determined, it willpresumably last between 6 and 10 weeks. During that period, various minor rigimprovements will also be made. No day-rate revenues will accrue during theshipyard layover."We greatly appreciate the close cooperation we have had with Statoil duringconstruction and completion of the rig. Statoil could have opted to cancel thecontract, but instead chose to continue working with us. Our efforts are nowfocused on operational excellence and making our rig the best on the Norwegiancontinental shelf," says Geir Sj?g.This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1376873]
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Datum: 25.01.2010 - 08:50 Uhr
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