Stampede sets Q3 mobilization for Arctic rig

Stampede Drilling received upfront capital from customer Greenland Energy to fund Arctic upgrades to its rig ahead of a drilling program in East Greenland’s Jameson Land Basin. The funding supports modifications required to ready Rig #12 for Arctic conditions under Stampede’s five-year term contract with Greenland Energy.

Stampede said the net capital required from the company to complete the upgrade was not expected to be material as a result of the funding received.

Stampede plans to mobilize the rig from Nisku, Alberta, in Q3 2026. Before the rig departs, demobilization funds will be held in escrow, providing Stampede with financial assurance for the program.