Equinor extends Odfjell Drilling Deepsea Atlantic contract
Odfjell Drilling has agreed terms with Equinor to extend its contract for use of the Deepsea Atlantic until end Q2 2027.
The unit will operate under previously agreed terms until mid Q3 2026. After this, the unit will then continue with Equinor until end Q2 2027 for an approximate incremental value of $148 million excluding escalation fees, integrated services, performance bonuses and fuel incentives.
The contract maintains further optional periods of four priced one well options as well as three further optional periods of approximately one year each, with the rates for each period to be mutually agreed prior to exercising. If exercised, such options could keep the Deepsea Atlantic contracted into 2030.