Hurricane Energy has booked up the Transocean Leader rig for drilling work later this year.
The one-month contract, due to begin in October, is set at a day rate of $160,000 (£120,000).
Details of the work have not been released but the West of Shetland operator has previously said a rig contract was being negotiated for further work at its flagship Lancaster field.
Earlier this month the firm said the drilling contract would be for a third production well at Lancaster during Q2/Q3 which, if successful, would come on stream in the first quarter of 2022.
At the time, chief executive Robert Trice said a further production well would allow the firm to “evaluate the productivity” of the reservoir, away from its two existing wells.
Hurricane has seen its share price drop by more than 50% since the start of December, but Mr Trice said there are no “subsurface, operational or commercial reasons” for it doing so.
Investors having a “knee-jerk reaction” to the disappointing results for the three-well Greater Warwick Area (GWA) campaign has been viewed as one main factor by analysts, which rejigged the work schedule and slowed the pace of development.
It comes despite a strong operational update, with Lancaster producing 15,400 barrels of oil per day in Q3 and 11,800 bpd in Q4 – both exceeding expectations.
The Transocean Leader was previously used in the GWA campaign and the latest extension comes as part of a series of new contracts for the rig operator, taking Transocean’s total backlog to £7.8bn.