Statoil (NYSE: STO) has contracted the West Hercules semisubmersible rig for its drilling campaign in the Barents Sea, the company said on Feb. 1.

The rig has been contracted for drilling two exploration wells in the Barents Sea in 2018 and options to drill another five exploration wells.

Statoil and the license partners have signed a contract with North Atlantic Norway Ltd. for use of the sixth generation West Hercules rig.

The total estimated contract value is $15 million to $20 million for the two permanent wells.

Mobilization and demobilization are included in the amount, but ROV and other services will be charged extra. The planned start for drilling is summer 2018.

“We have chosen this rig because it is winterized and ready for use in cold waters. We have used this rig before, both in the norther part of the Norwegian continental shelf and in Canada. We expect North Atlantic Norway to provide safe and efficient operations,” Geir Tungesvik, Statoil’s head of drilling and well, said.