SFL Corporation has signed a drilling contract in Canada with an unnamed multinational oil and gas company for the harsh environment semi-submersible rig Hercules, which is managed by Odfjell Drilling.
The estimated contract value is approximately $170 million for the minimum term of 400 days, SFL Corporation said.
The contract is expected to start in the first quarter of 2027. The rig is currently in Norway and will be prepared for mobilization to Canada later in 2026.
Odfjell Drilling will manage the sixt generation rig on behalf of SFL under the contract. The rig is a state-of-the-art tall derrick, dynamic-positioned unit of GVA 7500 design and is equipped with a full conventional mooring spread for operations in water depths of 100 to 500 meters.
“We are very pleased to secure a new attractive contract for Hercules on the East Coast of Canada, where the rig has worked multiple times before. We see significant demand for harsh environment, deepwater capable semi-submersibles towards the end of the decade and believe this contract should position the rig attractively for prospective drilling campaigns,” said Ole B. Hjertaker, CEO of SFL Management.