The Aberdeen-headquartered Odfjell Drilling Ltd. has agreed terms with Norwegian oil major Equinor to extend its contract for use of the Deepsea Atlantic until the end of the second quarter of 2027.
The rig will operate under previously agreed terms, Odfjell Drilling said, until the mid of the third quarter of 2026.
After this, the unit will then continue with Equinor until the end of the second quarter of 2027 for an approximate incremental value of $148m excluding escalation fees, integrated services, performance bonuses and fuel incentives.
According to Odfjell Drilling, the contract maintains further optional periods of four priced one well options, as well as three further optional periods of approximately one-year each, with the rates for each period to be mutually agreed prior to exercising. If exercised, the company says such options could keep the Deepsea Atlantic contracted into 2030.
The Deepsea Atlantic is a semi-submersible rig of GVA7500 design, 2009-built at DSME, South Korea.
“With this additional backlog, the Odfjell Drilling owned fleet is now fully booked until 2027 with significant, predictable and increasing revenue backlog. In addition, we are very pleased to add further tenure with our long-standing client, Equinor, with whom the Deepsea Atlantic has been contracted since 2009,” says Kjetil Gjersdal, chief executive officer of Odfjell Drilling AS.
