Drilling contractor Northern Ocean, a spin-off of Northern Drilling, has been awarded a contract by Shell Upstream Namibia for 2009-built semi-submersible rig Deepsea Bollsta.
.The contact is scheduled to commence during the fourth quarter of 2022, and is has an estimated firm duration of twelve months with a further six-month option. The contract value is around $124m based on the firm period of the contract.
Odfjell Drilling, the rig’s operations manager, has begun reactivation activities and mobilisation preparation.
Northern Ocean has announced a private placement to raise $40m to fund the reactivation, working capital and for general corporate purposes. John Frediriksen’s Hemen Holding, which holds around 39% of the company’s shares, has firmly expressed its intention to subscribe to the placement and maintain its shareholdings.
