NADL News: North Atlantic Drilling wins 10-year rig contracts with ConocoPhillips
North Atlantic Drilling (NYSE:NADL) secures 10-year contract awards with ConocoPhillips (NYSE:COP) for the West Elara and West Linus jack-ups for work at the Ekofisk field offshore Norway.
Total additional backlog for the new contract awards is estimated at $1.4B, excluding performance bonuses.
The new West Elara contract, which is expected to begin in October 2017, includes a period of fixed dayrates until March 2020 and a market indexed rate applicable thereafter until October 2027.
An existing contract for West Linus is extended from May 2019 until end of 2028 at a market indexed dayrate.