10th Jan 2022 12:13
IOG PLC - London-based gas and infrastructure operator with projects in the North Sea - Says its Noble Hans Deul rig has experienced increasing challenges with seabed conditions. The company says this issue, if not fixed, would compromise rig stability. As a consequence, a temporary re-location of the rig will be required to facilitate seabed remediation and enable safe continuation of Southwark drilling operations. IOG said this course of action is now in motion. The rig is expected to remain offshore with non-essential crew and equipment demobilised while the issue is rectified.
Chief Executive Officer Andrew Hockey says: "This is a frustrating but absolutely necessary step to ensure we can drill and complete the Southwark production wells in a fully safe manner, which is always our foremost priority. Our team is working around the clock with our drilling contractors Noble Corp and Petrofac to minimise the interruption and resume the Southwark drilling programme at the earliest opportunity."
Current stock price: 34.90 pence, down 4.4% in London
12-month change: more than double
By Heather Rydings; [email protected]
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