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
-
Trump wants to colonise Mars – will it happen?Donald Trump wants to plant the US flag on Mars. Could humans really live there?
-
Klarna postpones US IPO as Trump's tariffs rattle marketsBuy-now-pay-later lender Klarna has postponed its US initial public offering owing to the market turbulence. It is not alone, says Matthew Partridge
