The companies said this is one of the very first contracts in the North Sea where a service company performed all the drilling and completion services. Halliburton and the PGS unit, Pertra, have for some time cooperated on the planning of the technical details and operational aspects of the drilling operation on the Varg Field in Production License 038.
They said it was an untraditional contract in that Halliburton is to be compensated partly by means of fixed-price elements and partly by the results of the work.
The well is to be drilled by Mærsk Contractors Norway using the "Mærsk Gallant", beginning in December this year. This is one of several undertakings initiated by Pertra to increase the oil production on Varg, which initially was planned shut down in the summer of 2002.
