Why the Karoon Energy (ASX:KAR) share price is rising today

The Karoon Energy Ltd (ASX: KAR) share price is rose in late-afternoon trade today. This follows the announcement of a contract with Maersk Drilling.

Founded in 1972, Maersk Drilling is a leading offshore drilling operator. The company supports oil and gas production by providing drilling services to oil companies worldwide.

The Australian oil and gas company’s shares closed the day at $1.20, up 1.69%.

Details of the contract

According to its release, Karoon advised it has contracted the Maersk Developer rig for the 2022 Baúna workover campaign. The award follows a competitive tender process that involved 10 different rig owners.

Under the…