StatoilHydro extends rig contract for Troll field

StatoilHydro has extended by 2 years the contract with Odfjell Drilling to use the Deepsea Trym semisubmersible drilling rig on Troll oil and gas field in the Norwegian North Sea.

Uchenna Izundu
International Editor

LONDON, June 17 -- StatoilHydro has extended by 2 years the contract with Odfjell Drilling to use the Deepsea Trym semisubmersible drilling rig on Troll oil and gas field in the Norwegian North Sea. The contract extension is worth $347 million.

Odfjell is operator of the rig, which is owned by Songa Offshore ASA. The rig has worked on the field since 2005 and will continue to 2011. The contract with StatoilHydro includes an option for one more year, extending the contract period until the first quarter 2012 if the option is exercised.

Troll holds 60% of the country's total gas reserves on the Norwegian continental shelf, and in 2002 the oil production was more than 400,000 b/d. Production is expected to last another 70 years.

Contact Uchenna Izundu at uchennai@pennwell.com.

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