Danish company Maersk Drilling has announced that it has received a five-year contract extension for the semi-submersible 'Heydar Aliyev' rig from BP Exploration (Shah Deniz) Limited.
The estimated value of the contract extension is up to US$523 million.
"We are very pleased with the extension for the 'Heydar Aliyev' rig and look forward to continue our long standing cooperation with BP," said Maersk Drilling CEO Claus V. Hemmingsen.
The 'Heydar Aliyev' rig (formerly 'Maersk Explorer') was delivered in 2003. It is designed for year-round operations at water depths from 40 to 1,000 metres.
The field's reserve is estimated at 1.2 trillion cubic metres of gas. The field's shareholders are BP (the operator with 28.8 per cent), TPAO (19 per cent), Petronas (15.5 per cent), AzSD, Lukoil and, NICO (each with 10 per cent) and SGC Upstream (6.7 per cent).