Hess Corporation announced today that it has secured the Stena DrillMAX III drill ship to cover many of its deepwater drilling and completion needs beginning in the middle of 2009.

The contract, for approximately $950 million, provides Hess with a state-of-the-art rig equipped to drill in up to 7,500 feet of water. The agreement is for five years.

"This agreement offers us a high specification rig in the time frame we desire and will give us the speed and flexibility we need to maximize our global exploration and development activities," said John J. O'Connor, President, Worldwide Exploration & Production.