The Repsol-led owners of the Yme redevelopment project offshore Norway have entered into agreements to charter the combined drilling and production jack-up rig Maersk Inspirer.

Joint venture partner Okea said that Maersk Drilling will sell the Maersk Inspirer to Havila Sirius, and the Yme licencees will lease the rig from Havila under a bareboat charter whereby the Yme licence owners will take ownership of the rig at the end of the lease period.

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"As partner in the Yme licence, Okea expects that the transaction will realise significant operational synergies as well as positive effects on corporate cash flow," said Knut Gjertsen, senior vice president for projects and technology.

"We look forward to getting Yme in production in the second half of this year and believe that this structure will support an efficient start-up of the production from the field."

Repsol has a 55% operator interest in Yme, with Lotos Exploration & Production on 20%, Kufpec on 10% and Okea on 15%.

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Maersk Drilling confirmed it had agreed to sell the Maersk Inspirer to Havila Sirius for $373 million.

Repsol will, in addition to leasing the rig from Havila, assume responsibility for the day-to-day operations of the 2004-built rig, which was converted to a drilling and production unit for Equinor's Volve field offshore Norway from 2007 to 2017.

At the end of 2020, after completing onshore modifications at the Egersund yard in Norway, the rig was moved offshore to prepare for a five-year contract with additional options for drilling and production work at Yme, said Maersk Drilling.