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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