Maersk Drilling reveals revenues from operations in Azerbaijan

Oil&Gas Materials 14 August 2020 10:17 (UTC +04:00)
Maersk Drilling reveals revenues from operations in Azerbaijan

BAKU, Azerbaijan, Aug.14

By Leman Zeynalova - Trend:

Revenues of Maersk Drilling, a drilling-rig operator based in Denmark, stood at $54 million in the first six months of 2020, as compared to $32 million in the same period of 2019, Trend reports citing the company.

Revenue from drilling activities typically comprise fixed amounts for each day the rig is under contract differentiated by the activities undertaken (“day rate revenue”) and other revenue components such as lump sum payments for rig mobilisation and demobilisation and payments for investments in equipment or rig upgrades required to meet the operational needs of the drilling campaign, both of which amortised over the contract period; bonuses linked to performance in terms of time, efficiency or drilling outcome measures such as reservoir targeting; or payments for thirdparty services to be delivered by Maersk Drilling.

Maersk Explorer semi-submersible rig operates for Azerbaijan’s Shah Deniz gas and condensate field development under the contract with BP, which ends in May 2021.

Maersk Explorer rig and Istiglal rig have already drilled 18 wells in total as Shah Deniz field as of the first half of 2020.

The Maersk Explorer rig drilled the SDF04 well to total depth and the well was then suspended. The rig then drilled the top hole of the SDF05 well.

Maersk Drilling is a leading offshore drilling operator, working everywhere from the North Sea to Ghana to Timor-Leste. It is increasingly providing third-party services and partnering with its customers on innovative technologies and new commercial models. Together, the company is reducing the complexity, cost, and risk of drilling campaigns to improve the competitiveness of offshore oil and gas for its customers.


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