Aker BP declares option on Odfjell Drilling semisub

Norwegian energy services player Odfjell Drilling is eyeing at least $80m after operator Aker BP exercised a scope based option for the 2019-built semisub rig Deepsea Nordkapp.

The option covers the time necessary to complete four Kobra East Gekko (KEG) development wells, expected to commence in January 2023 with a combined duration of approximately 430 days. The option is under the contract entered into between the parties in April 2018, excluding any integrated services. In addition, a performance bonus will be applicable, Odfjell Drilling said.

With the current term based contract ending in June 2023, the newly exercised KEG development scope represents around eight-and-a-half months of additional backlog for the semi, keeping the unit busy into the first quarter of 2024. An additional option period has been agreed, which, if exercised, will follow the completion of the KEG development wells. 

Aker BP’s plan for the KEG development was approved by Norwegian authorities earlier this month. Total investment in the project is projected at around $1bn. The field will be developed with subsea installations connected to the Alvheim field FPSO, which is located in the Norwegian part of the central North Sea near the UK border.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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