Maersk Drilling, a unit of Danish shipping and oil group A.P. Moller-Maersk , said on Tuesday it had entered into a four-year $780 million deal with London-based BP for a deepwater rig, Reuters reports.
The contract was for the ultra deepwater semi-submersible rig "Maersk Discoverer" for work initially offshore Egypt, and the maximum contract value was about $780 million, including mobilisation fees, the company said in a statement.
"We hope it can pave the way for strengthening our position as a reliable contractor for BP within the deepwater segment," said Maersk Drilling Chief Executive Claus Hemmingsen in the statement.
The four-year contract includes an option for a further year, and is expected to commence in the second quarter of 2012, it said.
Shares in A.P. Moller-Maersk were down 0.3 percent at 36,760 crowns at 0728 GMT, in line with the Copenhagen stock exchange's benchmark index .