Offshore drilling contractor Odfjell Drilling has completed the Deepsea Aberdeen’s special periodic survey (SPS), with the semi-submersible rig returning to operations after three weeks of scheduled off-hire.
As a result, all of the company’s own fleet rigs SPS projects are now completed, with all four SPS’s being completed on time and on budget, with an average downtime below expectations, Odfjell Drilling said.
In addition to the SPS scope, the company materially upgraded its rigs - installing a new BOP on Deepsea Atlantic, increasing the variable deck-load capacity on Deepsea Atlantic and Deepsea Stavanger and completed significant client-specific efficiency-enhancing investments as well as other smaller upgrade projects.
Deepsea Aberdeen is on contract with Equinor, which exercised an option for a batch of eight wells on the Norwegian Continental Shelf in 2024.
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 on the Deepsea Aberdeen to the third quarter of 2026.
The options have a value of approximately $121 million, excluding integrated services, annual cost escalations, performance and fuel incentives.
The contract maintains further optional periods which, if exercised, could keep the Deepsea Aberdeen contracted to 2029, Odfjell Drilling said at the time.
Deepsea Aberdeen is an enhanced GVA7500 harsh environment design and is Odfjell Drilling’s third rig of the well proven and optimised design. It is a sister rig to the Deepsea Atlantic and Deepsea Stavanger.
The unit, delivered in 2014, is designed for operations in harsh environments and at water depths of up to 3,000 m
Following the completion of the company’s SPS projects, capex will reduce and distribution restrictions under the terms of its $390 million senior secured first lien bond are more flexible.
The company’s next SPS is scheduled to be the Deepsea Nordkapp in late 2028.
“Since early 2022, we’ve been preparing for this critical SPS period. With all eight rigs scheduled between 2023 and 2025, careful planning and strong execution have been essential – and I would like to thank the project organisation and every one of our onshore and offshore personnel for their valuable contributions.
“Our rigs are now in prime condition and installed with the latest technologies providing solid foundations to deliver further value and excellent performance. With significantly reduced capex payments going forward and no debt maturities until 2028, we are well placed for further stakeholder returns,” said Kjetil Gjersdal, CEO of Odfjell Drilling.