Odfjell Drilling secures contract extension in Norway

Norway

ABERDEEN, May 23, 2024 – Equinor has exercised an option to extend the use of Odfjell Drilling’s Deepsea Aberdeen semi-submersible rig on the Norwegian continental shelf, Odfjell announced on Wednesday.

The extension is for a batch of eight wells and is planned to start in Q4 2025 in direct continuation of Deepsea Aberdeen’s current engagement. Under the agreed terms, the value to Odfjell is of approximately USD 121 million, excluding integrated services, annual cost escalations, performance and fuel incentives.

The contract maintains further optional periods which, if exercised, could keep the Deepsea Aberdeen engaged until 2029. Deepsea Aberdeen has been on a continuous contract with Equinor since 2022.

“With this additional backlog now agreed we have further significant, predictable and increasing revenue generation ahead of us and all of our owned fleet now has secured a firm backlog until at least mid-2026,” noted Kjetil Gjersdal, CEO of Odfjell Drilling.

Photo of Deepsea Aberdeen courtesy of Odfjell Drilling

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