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Odfjell secures $1.2 bn Quad 204 deal
 Norway's Odfjell Drilling has landed the biggest deal in the company's history to build a new semi-submersible for a seven-year production drilling contract on BP's Quad 204 redevelopment in the UK West of Shetlands region.
Odfjell's deal – which is still subject to approval by Quad 204 partners - is worth US $1.2 billion and it involves providing a new rig for a seven-year contract in Quad 204 where BP is redeveloping the Schiehallion and Loyal fields.
“This new build for BP will be the fifth new deep water unit for the company,” declared Odfjell chief Simen Lieungh.
“The contract value is approximately $1.2 billion, excluding options, and represents the largest contract in Odfjell Drilling’s 40 year history,” the company declared earlier this month.
Odfjell will use Daewoo Shipbuilding and Marine Engineering for the newbuild programme, and the new rig will be based on a GVA 7500 harsh environment design, and it will become a sister rig to the Deepsea Atlantic and Deepsea Stavanger.
The BP contract is due to commence in the fourth quarter 2014.
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Aker group grows value Norwegian industrial group Aker ASA says it value rose 16% in the first quarter to NOK 22.5 billion (US $3.74 bn) as its investments – mainly in oil and gas operations rose in value.
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