BP and Odfjell Drilling have signed a two-year agreement for Deepsea Stavanger for drilling on Block 18 in Angola. The contract ensures a long-term engagement and continuity for the Deepsea Stavanger. BP has three one-year options for further utilization of the rig.

Deepsea Stavanger was delivered from Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea in July this year and started its first drilling operation offshore Tanzania in a deepwater drilling program for Ophir.

"This agreement is a significant one for Odfjell Drilling in that it secures the company's position in the market. Odfjell Drilling has a good working relationship with BP in connection with its platform drilling operations in the North Sea and it is very gratifying that the relationship is now being extended," said Odfjell Drilling's CEO Ketil Lenning.

The agreement has a value of approximately 340 million USD for the fixed period. Expected commencement is 1/2 Q 2011.

Tags: BP PLC, Odfjell Drilling Services LLC