The firm contract period is for three years, plus five one-year options. The contract value for the firm period is estimated at USD 330 million which includes mobilization, integrated services and modifications.
This contract will have positive implications for the region, including the employment of an additional 10-15 individuals onshore in Bergen and Stavanger with marine, drilling, and technical backgrounds, and 80 to 100 new employees offshore. The inclusion of the Island Innovator in the fleet of drilling rigs on the Norwegian Continental Shelf will also drive substantial procurement of goods and services from Norwegian suppliers.
Island Drilling Company AS is a Norwegian company established in 2006, specializes in offshore drilling operations and owns and operates the Island Innovator. The company is privately owned by Morten Ulstein, Trond Mohn, and Gary J Chouest, industry veterans and investors.
Roger Simmenes, Chief Executive Officer of Island Drilling Company AS commented:
“The Island Innovator is a multi-purpose rig tailor-made for Plug & Abandonment, Drilling and Well Intervention. The rig has successfully operated in the North Sea & Barents Sea, Mediterranean Sea and offshore Africa. We are happy to be chosen by Equinor as the preferred contractor for their upcoming plug and abandonment campaign on the Norwegian Continental Shelf.”
