Equinor extends Odfjell Drilling’s Deepsea Aberdeen contract on Norwegian Continental Shelf for $121 million

Equinor extends Odfjell Drilling’s Deepsea Aberdeen contract on Norwegian Continental Shelf for $121 million

Equinor has exercised an option for a batch of eight wells to extend the use of the Odfjell Drilling’s Deepsea Aberdeen on the Norwegian Continental Shelf. The exercised options are planned to start in Q4 2025. The options have a value of approximately $121 million.

The contract maintains further optional periods which, if exercised, could keep the Deepsea Aberdeen contracted to 2029. Such optional periods consist of three optional periods of eight wells each.

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling, said, “We are pleased to see the exercise of further options for the use of the Deepsea Aberdeen, which 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 firm backlog until at least mid-2026.”

Published: 23-05-2024