The duration of the contract is in excess of three years and the rig utilization will be shared equally between Lundin, Marathon and Talisman as dictated by a separate rig-sharing agreement.
The contract will commence in August 2009 and the contract value is approximately $500 million. This rig contract will reportedly allow Lundin Petroleum to further pursue a proactive exploration, appraisal and development strategy on the Norwegian Continental Shelf.
Ashley Heppenstall, president and CEO of Lundin Petroleum, said: Lundin Norway has developed an exciting portfolio of exploration and appraisal prospects in Norway. The Transocean Winner contract and the existing Songa Dee rig contract will give us two and a half years of rig capacity from 2009. We therefore anticipate an aggressive exploration and appraisal program going forward in Norway.
