(OFFSHORENO) North Atlantic Drilling has secured a new contract agreement in a bone dry market.

It is Total UK which has decided to keep West Phoenix from mid-March 2016 to the end of August 2016.

Potential value for the extension is $ 62 million, meaning that the agreed day rate is around $ 366,000.

Parts of this sum shall nevertheless be paid for the period in which the rig are out of work, from September 2015 to March 2016. NADL have the ability to promote rig for alternative assignments during this period, the company said in a stock exchange release.

As part of the agreement also reduced the rate of the rig’s current contract with a total $ 16 million, equivalent to 130 million.

Source: Offshoreno