Halliburton (NYSE: HAL) has been awarded a contract by Statoil to provide integrated drilling and well services offshore Norway with options up to eight years in duration with extended scope and activity.
Halliburton (NYSE: HAL) has been awarded a contract by Statoil to
provide integrated drilling and well services offshore Norway with options up
to eight years in duration with extended scope and activity.
Traditionally, Statoil has procured drilling and well services on a discrete
basis. This is the first time Statoil has awarded an integrated well services
contract in
Norway
,
which includes project management by Halliburton, with the intent to increase
efficiency and reduce development costs.
Under the first phase of the contract, Halliburton will provide directional
drilling and logging-while-drilling services, surface data logging, drill bits,
hole enlargement and coring services, cementing and pumping services, drilling
and completion fluids, completion services -- including multilateral junctions,
SmartWell(R) completion systems and VersaFlex(R) expandable liner hangers --
and project management.
The contract is part of Statoil's Fast Track Field Development initiative that
has been launched to minimize the time from discovery to production and reduce
development costs. In the Fast Track project, the service company and operator
work more closely together as an integrated team. This results in better
operational efficiency on the rigs, which, in turn, results in lower overall
project costs for the operator. This allows the operator to develop marginal
oil discoveries that would have been deemed uneconomical using traditional
contracting models. For this contract, Halliburton's onshore operations team
will integrate with Statoil's team in
Stavanger
,
Norway
.
"We are delighted with this contract, and we look forward to collaborating
with Statoil to accelerate the field development and impact the production on
the Norwegian Continental Shelf," said Jorunn Saetre, Halliburton's area
vice president for
Scandinavia
.
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