Equinor Adds One More Well to Deepsea Atlantic Rig Term

January 18, 2021

The Deepsea Atlantic drilling rig. (Photo: Marit Hommedal / Equinor ASA)
The Deepsea Atlantic drilling rig. (Photo: Marit Hommedal / Equinor ASA)

Norwegian energy company Equinor has exercised an option to add one more well to the contract it has with Odfjell Drilling for the use of Deepsea Atlantic semi-submersible drilling rig.

The news comes exactly a month after it was announced that Equinor had added two wells to the contract.

Odfjell Drilling, the owner of the semi-submersible rig said: "The well has been exercised under the continued optionality mechanism in the contract entered into between the parties in May 2018, as part of the overall Master Frame Agreement."

The work will begin after the completion of the current scope estimated to be in Q2 2021. 

"The commercial terms are materially the same as for the recently announced Johan Sverdrup Phase 2 contract award," Odfjell Drilling said.

The two companies signed a contract for the use of the rig on Equinor's Johan Sverdrup Phase 2 field development in November.

Under the terms in November, the contract for the use of the Deepsea Atlantic drilling rig on the Johan Sverdrup is for twelve firm wells plus five optional wells. This contract is set to begin in the first quarter of 2022. The approximate contract value for the 12 wells at Johan Sverdrup 2 is scope is up to $150 million.



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