Contract signature ceremony

Yesterday on March 13 contract signature ceremony for the drilling services between Caspian Drilling Company Ltd. (CDC) and Norwegian Equinor Azerbaijan Karabakh BV (Equinor) took place. From CDC side the contract signed by its General Director Farid Akhundov and from Equinor by Country Manager Favad Guraishi.
With accordance to the contract terms CDC shall drill for Equinor two wells on the Karabakh oilfield, where Equinor serves as project Operator for Karabakh field development with participation of SOCAR. Equinor and SOCAR each holds 50% stake in the project.
First well drilling shall commence upon completion of the reactivation of Dada Gorgud semisubmersible drilling rig, reactivation will take place on CDC marine base and will be conducted under the management of CDC experts. Estimated reactivation completion and well spud date is end of the third quarter 2019.