Equinor has extended its contract for the Deepsea Atlantic rig until Q2 2027, with an additional $148 million value. Odfjell Drilling announced the rig will operate under current terms until Q3 2026, with options for further extensions, potentially keeping it contracted until 2030.Odfjell Drilling’s fleet is now fully booked until 2027, securing a strong and growing revenue backlog.
CEO Kjetil Gjersdal expressed satisfaction with the extended contract with Equinor, a client since 2009. Additionally, Odfjell and Aker BP amended the Deepsea Nordkapp contract, extending it for two years starting January 1, 2025.Odfjell Drilling and Aker BP ASA have recently amended the contract for the Deepsea Nordkapp drilling rig, with the extended contract term taking effect from January 1, 2025.
This extension follows directly from the existing firm contract and will run for a fixed duration of two years, as confirmed by Odfjell Drilling.The company also noted that the additional two years under the amended agreement will be compensated based on a market-based rate mechanism.
In line with a prior agreement made with Aker BP in 2022, the contract for 2025 will have both a floor and ceiling day rate. As a result, the total contract value for this period is expected to range between $124 million and $146 million.
