Norwegian state-owned energy giant Equinor has extended the contract of one of the rigs from compatriot Odfjell Drilling’s fleet.
After the previously agreed terms expire in mid-Q3 2026, the Deepsea Atlantic semi-submersible rig is set to stay with Equinor until the end of Q2 2027 thanks to the contract extension. According to the drilling contractor, the approximate incremental value of the deal is $148 million.
Additionally, the contract entails four priced one-well options and three one-year options. If Equinor decides to use these options, the rig could stay busy with the Norwegian major into 2030.
“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,” said Kjetil Gjersdal , Chief Executive Officer of Odfjell Drilling.
The 2009-built Deepsea Atlantic is a sixth-generation semi-submersible, dual derrick, dynamic-positioned rig of enhanced GVA 7500 design. The unit is designed for operations in harsh environments and at water depths of up to 3000 meters.
In mid-December , Equinor used the rig for a new oil and gas discovery estimated to contain between 2 and 12 million barrels of oil equivalent. The discovery was made 17 kilometers west of the Troll field in the North Sea.
More recently, the energy giant decided to step up its electrification game by handing out a contract to Multiconsult Norge for early-stage engineering services related to the electrification of oil and gas installations in the Halten, Tampen, and Grane/Balder areas off the coast of Norway.