Equinor keeps Odfjell Drilling semisub busy into late 2027

Norway’s Odfjell Drilling has secured more work for its Deepsea Atlantic semisubmersible drilling rig after compatriot energy major Equinor exercised options for two additional wells.

The latest option exercise will keep the 2009-built rig employed until late in the fourth quarter of 2027, extending its existing contract without interruption.

The additional wells will be drilled at rates agreed under the original contract. Financial details of the latest extension were not disclosed. Equinor also retains priced options for another two wells, potentially extending the rig’s employment further.

The latest extension follows a deal struck in January 2025, when Equinor extended the rig’s contract until the end of the second quarter of 2027.

That agreement added approximately $148m to Odfjell Drilling’s backlog, excluding escalation fees, integrated services, performance bonuses, and fuel incentives.

Under the previous arrangement, the rig was set to operate on existing terms until mid-2026 before moving into the extension period.

The earlier deal was a 23-month contract worth about $290m, secured as part of a broader agreement between the two Norwegian companies.

The January 2025 extension also included four priced one-well options and three additional optional periods of around one year each, with rates for those longer periods subject to agreement.

If exercised, the remaining options could see the rig remain under contract into 2030.

The Deepsea Atlantic has a long history with Equinor, having worked for the Norwegian energy giant since 2009.

Follow Us