12 Jul 2013 11:19

SINGAPORE, July 12 (Bernama) -- Petronas Carigali, the exploration and production subsidiary of Malaysia’s national oil company, Petronas, has exercised its contractual right to extend the contract for the jack-up Maersk Convincer by one year.

Consequently, the rig will be on contract with Petronas until mid-November 2014, said Maersk Drilling in a statement.

It said as part of the drilling campaign offshore Malaysia, the rig was expected to do high-pressure-high-temperature drilling and under-balanced drilling for which the rig is ideally suited.

The estimated value of the one-year contract extension is about US$54 million.

“We are very pleased to continue our cooperation with Petronas Carigali in Malaysia, one of the leading operators in Southeast Asia. We see this contract as a further strengthening of our relationship with Petronas and we hope it can pave the way for strengthening our position in the flourishing Malaysian market,” said Claus V. Hemmingsen, Chief Executive of Maersk Drilling and member of the Executive Board of the A.P. Moller â€" Maersk Group. Maersk Convincer is one of two Baker Marine 375ft jack-up rigs in Maersk Drilling’s fleet.

The rig has been working in Southeast Asia since its delivery from Jurong Shipyard in 2008 and with Petronas Carigali since 2011. Established in 1972, Maersk Drilling forms part of the A.P. Moller â€" Maersk Group.