Maersk Signs $54M Rig Contract With Petronas

Danish oil and shipping group A.P. Moller-Maersk has signed a jack-up rig contract worth about $54 million with a unit of Malaysia's Petronas.

Maersk Drilling, a unit of the Maersk group, said on Friday that Petronas Carigali, the exploration and production subsidiary of Malaysia's national oil company, had exercised a right to extend the contract for the Maersk Convincer rig by one year.

Consequently, the rig will be on contract with Petronas until mid-November 2014, and with the signing of the extension, Maersk Drilling's forward contract coverage for 2013 is now 100 percent, it said.

Reporting by Copenhagen Newsroom; Editing by Mark Potter (C) Reuters 2013.