Offshore drilling contractor Northern Ocean has signed a contract for Deepsea Bollsta semi-submersible rig for work offshore Norway, set for completion before the start of its two-year contract with Equinor.
The contract, with unnamed client, is expected to start in the second quarter of 2025, immediately after the rig has mobilized for operations on Norwegian Continental Shelf.
The latest contract adds approximately $23 to 42 million of firm backlog and will increase Northern Ocean’s firm backlog to approximately $488 to 507million.
It has an estimated firm duration of 54 to 99 days, to be completed in advance of the Equinor contract announced on in November 2024.
Equinor awarded a two-year firm contract to Northern Ocean for the rig, valued at around $335 million.
The planned start-up is in the later part of 2025, and the contract also includes five one-year options.
Northern Ocean will work together with its operational manager Odfjell Drilling, which operates the rig, to prepare for operations in Norway.
Deepsea Bollsta is a sixth-generation harsh environment, winterized, mobile rig.
“This is the third contract in as many months and adds to the drilling program in Norway, with a well reputed client. In addition to increasing the backlog this contract contributes to removing potential idle time for the rig in advance of the Equinor contract.
“With Deepsea Bollsta being fixed on contracts until the end of 2027, excluding options, Northern Ocean will focus all marketing efforts to increasing the order backlog for Deepsea Mira in the months ahead,” said Arne Jacobsen, Chief Executive Officer of Northern Ocean.
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