Maersk says signs $694 mln drillship contract

Maersk says signs $694 mln drillship contract

Danish oil and shipping group A.P. Moller-Maersk said on Tuesday its Maersk Drilling unit had signed a contract worth $694 million for one of its new build drillships, Reuters reports.

The contract for the drillship, Deepwater Advanced 2, was signed with ConocoPhillips and Marathon Oil Company , the company said in a statement.

The contract duration is three years, with options for up to an additional two years and commencement of operations is expected by the middle of 2014, Maersk said.