A semi-submersible rig, owned by SFL Corporation (SFL) and managed by Odfjell Drilling, has lined up a new drilling assignment off the coast of Canada with an undisclosed oil and gas player.
SFL Corporation has signed a drilling contract in Canada for the Hercules harsh environment semi-submersible rig with an unnamed operator described as a large, investment grade multinational oil and gas company.
With an estimated contract value of approximately $170 million, the deal is for the minimum term of 400 days. This contract is expected to begin in the first quarter of 2027.
The 2008-built rig is currently in Norway and will be prepared for mobilization to Canada later this year. The sixth-generation deepwater and harsh environment semi-submersible rig is of GVA 7500 design.
Hercules , which was constructed by DSME in South Korea and can accommodate 180 people, can operate in water depths of 10,000 feet and its maximum drilling depth is 35,000 feet.
Odfjell Drilling will manage the rig on behalf of SFL under the new contract, thanks to a deal inked in May 2022 for the Norwegian drilling contractor to replace Seadrill as the manager of the rig.
Ole B. Hjertaker , CEO of SFL Management, commented: “We are very pleased to secure a new attractive contract for Hercules on the East Coast of Canada, where the rig has worked multiple times before.
“We see significant demand for harsh environment, deepwater capable semi-submersibles towards the end of the decade and believe this contract should position the rig attractively for prospective drilling campaigns.”