BP Extends ‘Maersk Reacher’ Rig Contract Until September 2016

BP Norway has extended the contract for the jack-up Maersk Reacher by two years from September 2014 to September 2016.

BP Norway holds options to further extend the contract by up to additional four years until September 2020. The estimated value of the two-year extension is USD 222m.

“We are very pleased with the contract extension from BP Norway. Together with the five-year firm contract for a newbuild jack-up announced in September 2013, we see the contract extension for Maersk Reacher as a further strengthening of our relationship with BP. The contract extension adds USD 222m. to our revenue backlog providing a high revenue visibility and a solid basis for our ambitious growth strategy,” says Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board of the A.P. Moller – Maersk Group.

Maersk Reacher is the fourth in a series of four high efficiency 350ft jack-ups delivered in 2008-2009.

In 2011 Maersk Reacher was upgraded to comply with relevant requirements in Norwegian shelf regulation and received an Acknowledgement of Compliance enabling it to commence a three-year firm contract with BP Norway in September 2011.

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Press Release, January 03, 2014