The contracts are for Odfjell Drilling’s semi-submersible rig, Deepsea Atlantic. Credit: James Jones Jr via Shutterstock.

Norwegian Government-backed energy company Equinor has awarded two contracts to Odfjell Drilling to carry out drilling operations in the North Sea. 

The contracts are related to the letters of intent Odfjell Drilling signed in March this year for its semi-submersible rig Deepsea Atlantic. 

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Odfjell Drilling, an oil field services provider based in Norway, said the contracts have a combined fixed period of 23 months and are valued at approximately $290m (Nkr2.9bn) excluding integrated services, upgrades, changes and mobilisation costs.

Incentives for fuel efficiency and performance bonuses are also included in the contracts, stated Odfjell Drilling. 

In addition to the two contracts, Odfjell Drilling and Equinor have signed a strategic collaboration agreement to address the issues of shared strategic relevance. 

This agreement will serve as the foundation for a coordinated effort and longer-term engagement on these crucial issues, with a focus on safety, drilling efficiency and lower emissions.

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The project will start right after the Special Periodic Survey for the Deep Atlantic is finished, which is currently anticipated to happen in H1 of 2024.

Odfjell Drilling CEO Kjetil Gjersdal said: “We are pleased to confirm that the Deepsea Atlantic will continue to work with Equinor under the new contract, which could see the rig in continuous operation until 2029, delivering strong, predictable cash generation from the unit. 

“Having worked with Equinor on many project developments through the years, we are pleased to have signed a strategic collaboration agreement to further develop our combined capabilities to deliver safe and efficient operations. Continuous development of our workflows and technologies is a key focus for Odfjell Drilling and we look forward to seeing the results of this initiative.”