Norwegian energy major Equinor has exercised an option for a batch of eight wells to extend the use of Odfjell Drilling’s Deepsea Aberdeen semisub on the Norwegian Continental Shelf.
The exercised options are planned to start in the fourth quarter of 2025 in direct continuation of the current firm period and extend the firm backlog for the rig until the third quarter of 2026.
The options are worth around $121m, excluding integrated services, annual cost escalations, performance, and fuel incentives.
If exercised, the contract has further optional periods that could keep the Deepsea Aberdeen contracted to 2029. Such optional periods consist of three optional periods of eight wells each or around three one-year deals. The rates for all optional periods are to be mutually agreed upon before exercising. The rig has been on a continuous contract with Equinor since 2022.
“With this additional backlog now agreed we have further significant, predictable, and increasing revenue generation ahead of us and all of our owned fleet now has secured firm backlog until at least mid-2026,” said Kjetil Gjersdal, CEO of Odfjell Drilling.
