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StatoilHydro secures Deepsea Atlantic drilling rig

Uchenna Izundu
International Editor

LONDON, June 17 -- StatoilHydro signed a drilling contract with Odfjell Invest Ltd. to have the sixth generation Deepsea Atlantic drilling rig for 4-5 years.

The rig will be finished in October and will be sent from the Daewoo shipyard in South Korea to StatoilHydro for use in the North Sea in early 2009.

"The contract has a fixed duration of 4 or 5 years and in addition two options with duration of 2 years each. Statoil has to decide the firm contract period within July," Odfjell said.

The contract is worth $735 million on a 4-year fixed period with adjustable day rates depending on the contract's duration.

The parties signed a letter of award regarding the drilling rig in April 2007.

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