Odfjell Drilling has completed the acquisition of the harsh-environment drilling rig Deepsea Bollsta, including the novation of the rig’s drilling contract with Equinor for a firm period running until early 2028 and with five one-year extension options.
Following the acquisition from Northern Ocean, the rig will be renamed Deepsea Bergen, reflecting its integration into Odfjell Drilling’s fleet. The formal name change will take place in 2026.
Deepsea Bollsta is a semi-submersible drilling facility of the Moss CS60E type, built at the Hyundai Heavy Industries shipyard (HHI) in South Korea and completed in 2019.
Odfjell Drilling said the transaction was fully debt financed and immediately earnings accretive. Together with firm contracts already secured for the Deepsea Nordkapp and Deepsea Aberdeen, the acquisition increases the company’s firm backlog by close to $1 billion compared with the previous reporting date.
The company said it had operated the rig for the past three years, limiting operational integration risk. The rig has an established track record in harsh-environment operations on the Norwegian continental shelf.
In parallel with the acquisition, Odfjell Drilling completed a comprehensive refinancing, securing long-term funding on improved terms and strengthening its capital structure. The refinancing included $550 million in term loans and revolving credit facilities from relationship banks, as well as the issuance of a new $650 million, 5.25-year rated bond with an issue date of December 8, 2025.
“Completing the acquisition of what will become the Deepsea Bergen is a major milestone for Odfjell Drilling that fortifies our position as the leading harsh-environment driller. Adding rig capacity and contract backlog with Equinor and Aker BP aligns with our strategy of accretive growth and earnings visibility in our core market.
“Seeing the Deepsea Bergen join our fleet, brings a strong sense of pride and gives us an opportunity to build on the legacy associated with that name. I would like to thank everyone involved for their exceptional efforts in delivering this transaction,” said Kjetil Gjersdal, chief executive officer of Odfjell Drilling.
“The refinancing completed in parallel with the acquisition significantly strengthens our financial platform. We have improved pricing, extended maturities to 2031 and retained flexibility through revolving facilities, all while maintaining a balanced amortization profile.
“With an average of two and a half years of backlog secured across our owned units, at attractive day rates, Odfjell Drilling is well positioned to enter 2026 with strong visibility, resilience and capacity to deliver value for all stakeholders,” added Ørjan Lunde, chief financial officer of Odfjell Drilling.
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