Odfjell Drilling's Offshore Rig Wins More Work with Equinor

July 20, 2022

Credit: Odfjell Drilling
Credit: Odfjell Drilling

Norwegian oil company Equinor has awarded further work for Odfjell Drilling's Deepsea Stavanger semi-submersible drilling rig.

The deal is awarded under the continued optionality mechanism provided for in the contract entered into by the two companies in May 2021. 

"Following this addition, the Deepsea Stavanger now has eight remaining wells to be drilled, which are expected to occupy the rig into Q3 2023," Odfjell Drilling said.

Equinor has the opportunity to exercise further wells under the continued optionality mechanism.

"The day rate is similar to the current contract up to 1st May 2023, from which time there is an increase if certain CO2 targets have been achieved. A notable performance incentive rate in addition shall apply when wells are delivered safely and ahead of target. Integrated services are provided through the contract and compensated separately," Odfjell Drilling said.

Deepsea Stavanger, currently located in the North Sea, off Norway, is a sixth-generation deepwater and harsh environment semi-submersible delivered in 2010.



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