Maersk Signs $54M Rig Contract With Petronas

By Finance
Biggest Danish oil and shipping corporation A.P. Moller-Maersk has signed a jack-up oil rig contract worth about 54 million dollars with a unit of Malaysia's Petronas.

A unit of Maersk corporation, Maersk Drilling, stated on Friday that Petronas Carigali, the exploration and production subsidiary of the national oil company in Malaysia, had exercised a right to extend the contract for the Maersk Convincer oil rig by one year.

Consequently, the oil rig is going to be on contract with Petronas until mid-November 2014, and with the signing of the extension, Maersk Drilling's forward contract coverage for 2013 is now 100%, it reported.