EUROPE: Norway oil companies form $500M rig club

Norway oil companies form $500M rig clubThe Norwegian businesses of Lundin Petroleum, Marathon Oil Corp. and Talisman Energy have hired the semi-submersible rig Transocean Winner for $500 million in order to drill exploration and development wells offshore the Nordic country.

The oil companies will share the rig equally for over three years starting in August 2009, it was understood Friday. The deal follows a similar rig-club deal announced yesterday between oil companies plying offshore Canada.

The first rig-sharing agreements were signed in Norway three years ago in response to rig owners who threatened to leave the North Sea rim for want of sufficient drilling opportunities.

Source: Scandinavian Oil & Gas

No comments: