The contract also involves three other companies including Lundin, Noreco and Respol and it is for a total of eight wells over a period of 570 days, with the option of an extension of a minimum five further wells.
In the deal, RWE Dea Norge entails full rig capacity for the planned drilling program in the production license (PL) 420 in the North Sea, in which the company is the operator and owns a 30% interest.
RWE Dea Norge managing director Hans-Joachim Polk said,"Having secured the rig capacity for Titan in 2013 is an important milestone to push the development and operation of the field in the following years."
The rig will be used to drill an important appraisal well at Titan towards the end of 2013 to confirm the size of the Titan discovery.
The company, previously drilled a well at Titan, which preliminary estimates a discovery of 12 million cubic metres (recoverable) oil equivalents.
RWE Dea is also planning another exploration well in early 2014 with the Leiv Eiriksson rig.
"As well as drilling two wells at Titan, we’re also going ahead with an exploration well at our PL330 license in the Norwegian Sea, as well as taking important steps in the development of the Zidane field," Polk said.
