BP Inks $780M Deal To Use Moller-Maersk Unit's Rig

Law360, New York (October 25, 2011, 5:49 PM EDT) -- The drilling unit of Danish conglomerate AP Moller-Maersk A/S announced Tuesday that BP PLC had agreed to a four-year, $780 million contract for use of one of the company's deepwater rigs.

Under the agreement, the ultra-deepwater, semi-submersible Maersk Discoverer will initially be deployed offshore in Egypt, Maersk Drilling said.

The contract's maximum value is $780 million, including mobilization fees, according to Maersk. Its length can be extended by one year, and it is set to kick in during the second quarter of 2012, the company said....
To view the full article, register now.