Drilling contract for Alpha North

August 22, 2002, 12:00 CEST

Statoil and Transocean have entered into a new agreement for the use of the Transocean Searcher drilling rig on the Alpha North satellite in the North Sea's Sleipner West field.

The contract comprises drilling and completion of three wells on the Alpha North structure, which will be tied back to the Sleipner A platform. Operations are expected to last for 270 days.

The value of the contract is estimated at over NOK 200 million, excluding options.

Plans call for the Transocean Searcher to start drilling work in the summer of 2003 once the rig has finished work on the Åsgard field in the Norwegian Sea.

Alpha North is due to begin producing gas and condensate on 1 October 2004.