Ithaca Energy signs turnkey drilling contract
Ithaca Energy has contracted the services of Applied Drilling Technology International (ADTI) for development drilling at its Greater Stella Area (GSA) discovery in the North Sea.
Ithaca Energy has contracted the services of Applied Drilling Technology International (ADTI) for development drilling at its Greater Stella Area (GSA) discovery in the North Sea.
The turnkey contract with ADTI, a subsidiary of Transocean, will lock in the expenditure and performance requirements of core drilling operations.
The drilling campaign is anticipated to commence in the second quarter and involves the completion of four wells on the Stella field prior to start-up production. Each well is expected to take between 80 to 90 days to drill, complete and clean-up test.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The award of the ADTI contract represents an important step in the company's approach to reducing GSA project execution risk," said Project Manager, Mike Travis.
"ADTI has a long and established relationship with Ithaca, having successfully and safely completed turnkey operations on seven of the company's operated wells over recent years."
Joint venture partners also include Dyas UK and Petrofac Energy Developments UK.
Share increased 4.50% to 116p at 14:37 on Monday.
RD
-
House prices are falling in London but how does it compare to the rest of the UK?
Advice The capital remains the most expensive part of the UK to buy a property, but it isn’t being as badly hit by the housing market slump. Where are London house prices heading?
By Marc Shoffman Published
-
Will a Santa Rally provide festive cheer for investors this year?
News Equities often get a seasonal boost during December - will there be a Santa Rally in 2023?
By Marc Shoffman Published