EQNR - Equinor hires drill rig from SFL to look for oil at Bay du Nord off Newfoundland

2023-08-14 16:54:52 ET

Equinor ( NYSE: EQNR ) said Monday it awarded a $100M contract to SFL Corp. ( NYSE: SFL ) for a drilling rig to carry out a highly anticipated oil exploration campaign off the coast of Newfoundland and Labrador.

Equinor ( EQNR ) said the Hercules semi-submersible drilling rig will begin exploring in Q2 2024 at the Sitka prospect in the Flemish Pass Basin ~500 km east of St. John's.

The company said the drilling is part of its plans to "optimize" the 200K bbl/day Bay du Nord project and make it more financially feasible.

Equinor ( EQNR ) said in May it was pausing its plans to develop Bay du Nord, causing uncertainty over the future of oil and gas in Newfoundland.

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