The charter hire agreement will be extended if the parties mutually agree to exercise the optional term.
The terms of the charter hire agreement are consistent with the current management services agreements in place between Aquadrill and Diamond Offshore Drilling. Further, the resulting financial benefits are as if the company had entered into the drilling contract directly.
Under the drilling contract associated with the charter hire agreement, the Auriga will be upgraded with managed pressure drilling capabilities.
The total contract value for the firm portion of the drilling contract is expected to be US$94 million and commencement is expected in February 2022 following reactivation, upgrade, contract preparation and system integration testing.
Read the latest issue of Oilfield Technology in full for free: Issue 3 2021
Oilfield Technology’s third issue of 2021 starts with a report from Wood Mackenzie focusing on the upstream industry’s fortunes in Asia-Pacific. The rest of the issue is dedicated to features covering offshore engineering, coiled tubing, frac technology, completion technologies, water management, well placement and much more.
Exclusive contributions come from Wild Well Control, Cudd Pressure Control, TMK, NOV, Archer, Tendeka, TETRA Technologies and more.