September 25, 2020

Bahamas Petroleum Company (BPC), the Caribbean and Atlantic margin focused oil and gas company, with exploration, production, appraisal and development assets across the region, has received formal notification from Stena Drilling, consistent with the existing contract, nominating the Stena IceMAX as the intended drill rig for the upcoming Perseverance #1 drilling campaign. The Persevrance well is located in the southern territorial waters of the Bahamas. The notification has also indicated the start of the contracted window (which commences 15 December 2020) as the approximate time for the arrival of the drill ship in the field, with an associated anticipated well spud date some 3 – 4 days later, once the rig is on station.
Consistent with this operational objective, BPC, on 24 May 2020, entered into an agreement with Stena DrillMax Ice Limited (Stena), a wholly-owned subsidiary of Stena Drilling Limited, one of the world’s foremost independent drilling contractors, for the provision of a sixth-generation drilling rig. The Rig Contract was unconditional, and provided the certainty of a firm time slot for the delivery of a drilling rig on location in the window of 15 December 2020 to 1 February 2021.
Stena has today provided a commencement notice to BPC, specifying as follows:
• Drilling rig: Stena IceMAX
• Expected date on location: toward the beginning of the drilling window specified in the rig contract, which commences on 15 December 2020.
The specific mobilisation location and exact arrival date of the rig will be confirmed by Stena no later than 30 days prior to the arrival date. Anticipated well spud date will be some 3-4 days after the rig arrives on location in the field. This means that if the rig arrival is on or shortly after the 15 December 2020 (as per Stena’s current indication), Perseverance #1 would be expected to spud prior to Christmas 2020.
Stena IceMAX is one of the most advanced drillships available anywhere in the world, having first entered into service in 2012. It is one of the world’s first dynamically positioned, dual mast ice-class drillship. IceMAX has on-board 2 x BOP’s, each 18¾” x 15,000psi. A Managed Pressure Drilling system is fully integrated into the IceMAX.
BPC is a full-cycle E&P company with a portfolio of assets in multiple jurisdictions across the Caribbean and South America, providing access to high impact exploration (The Bahamas, Uruguay, Trinidad and Tobago), appraisal and development (Trinidad and Tobago, and Suriname) and valuable production assets (Trinidad and Tobago).
(Source: Bahamas Petroleum)