Venture Drilling vs. Arktikmorneftegazrazvedka in court

Drilling vessel Deep Venture

The Murmansk-based oil and gas exploration company Arktikmorneftegazrazvedka has taken the Norwegian company Venture Drilling to court to get a bareboat charter cancelled.


Arktikmorneftegazrazvedka believes that the rental agreement on the drilling vessel “Deep Venture” is unreasonable because of the enormous revenues Venture Drilling is getting from exploitation of the vessel, and demands that the vessel is returned, news paper Finansavisen reports.

- Great disproportion and unjust rates compared to marked rates promote the question if the agreement was concluded on a fair basis, Director General Vyacheslav Urmancheyev writes in a letter to Finansavisen.

The court case is expected to come up in Murmansk on June 9.

According to a bareboat charter Venture Drilling concluded with Arktikmorneftegazrazvedka in 2005, Venture Drilling pays 20-25.000 USD in rental fee per day. At the same time the company makes 400.000 USD per day.

The agreement has a duration of five years, with Venture Drilling having an option on another six two-year periods, together 17 years. The vessel was originally named “Valentin Shashin”.