The contract is for one firm well, at an operational day rate of $185,000, and has a further option for the drilling of a second well.
Tony O’Reilly, chief executive of Providence, commented: “We are delighted to have signed this rig contract with Stena. Our previous exploration collaboration project with Schlumberger highlighted the significant hydrocarbon potential of FEL 2/14 which we will now be evaluating using the high specification Stena IceMAX drill-ship. The signing of this rig contract is a major milestone in the project plan to enable the drilling of this high impact exploration well during summer 2017.”
Providence says that based on the latest project timeline the well is currently planned to spud in June 2017.