Odfjell Drilling Secures More Work with Equinor for Two Offshore Drilling Rigs

The Deepsea Stavanger drilling rig. (Photo: Odfjell Drilling)
The Deepsea Stavanger drilling rig. (Photo: Odfjell Drilling)

Oslo-listed offshore drilling company Odfjell Drilling has won more work with Equinor for two of its semi-submersible drilling rigs the Deepsea Aberdeen and Deepsea Stavanger.

Equinor has added additional firm scope for the Deepsea Aberdeen as provided for in the contract entered into by the parties in November 2020. 

The new wells, to be drilled on the Svalin field starting in the fourth quarter of 2023, have an estimated duration of 174 days, extending the Deepsea Aberdeen’s firm backlog into Q2 2025. 

The added firm scope is worth approximately $67 million, excluding integrated services, performance and fuel performance incentives.

Equinor has the option to exercise further wells under the optionality mechanisms contained in the contract.

Deepsea Stavanger

The Norwegian oil firm has also exercised further wells for the Deepsea Stavanger semi-submersible drilling rig under the continued optionality mechanism provided for in the contract entered into by the parties in May 2021.

Following the exercising of the optional wells, Deepsea Stavanger’s firm backlog with Equinor now extends into Q1 2024. Equinor has the opportunity to exercise further wells.

"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, without providing exact details on the financial side of things.

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