CIMC Raffles Offshore and Odfjell Drilling announced that Neptune Energy Norge, on 19 March 2019, has awarded Beacon Atlantic a 6 wells firm drilling contract with 10 optional wells on the Norwegian continental shelf.
The commencement of the drilling operations is expected to be in Q4 2019 and the estimated duration of the firm program is 400 days. CIMC Raffles and Odfjell Drilling are further establishing a project team at the shipyard to prepare and mobilize for the operations in the North Sea.
CIMC Raffles and Odfjell Drilling have also entered into a 4 year management agreement whereby Odfjell Drilling will manage and operate Beacon Atlantic on behalf of CIMC Raffles based on terms and conditions customary for this type of agreements. The agreement also secures Odfjell Drilling the exclusive right to purchase the unit and a right of first refusal on any offer to purchase the unit following the exclusivity period. The agreement also secures Odfjell Drilling the right to market Beacon Atlantic’s sister unit, Beacon Pacific. Both units will form an integral part of Odfjell Drilling’s modern and high performing rig fleet.