Odfjell Drilling’s rig remaining with Norwegian oil & gas operator for another year

Odfjell Drilling, a 53-year-old offshore drilling player, has won a contract extension with Norway’s oil and gas player Aker BP for a 2019-built semi-submersible rig, which is working on the Norwegian Continental Shelf (NCS).

Odfjell Drilling has received signed confirmation from Aker BP for the extension of the Deepsea Nordkapp rig’s firm contract period by a year. The unit was previously called Stena Midmax.

As a result, the semi-submersible’s firm contract backlog has been extended to the end of 2028, after which the Norwegian operator retains further options.

The operating rate applicable to the extension shall be set by the end of 2026, using a rate reflective of market rates and defined by two independent rig brokers.

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling, commented: “This extension is testament to the continuous world class performance delivered by Deepsea Nordkapp and its crew and extends our commitment to the semi-alliance we have with Aker BP.

“Deepsea Nordkapp has worked continuously with Aker-BP since delivery in 2019 and we are pleased to secure this relationship further until at least 2028.”

Odfjell Drilling was among the three offshore drilling contractors that got drilling and wells alliance deals with Aker BP in January 2023 for drilling activities on the NCS.

The rig’s deal, originally expected to be completed at the end of 2024, was first prolonged to run for two more years, followed by another 12-month addition last year.

The 2019-built Deepsea Nordkapp rig is a sixth-generation dynamically positioned harsh environment and winterized semi-submersible of a Moss-enhanced CS 60E design.

The rig owner expanded its fleet last year when it completed the Deepsea Bollsta acquisition, with the unit renamed to Deepsea Bergen.