The Norwegian company Equinor has signed a new agreement with Odfjell Drilling to provide drilling services for the semi-submersible rig Deepsea Atlantic, keeping it operational until the end of the fourth quarter of 2027. This extension is added without interruption to the previous contract and includes drilling two additional wells at the rates agreed upon in the original contract.
Contract Details
The financial details related to this new extension have not been disclosed, but this agreement benefits from priced options for drilling two additional wells, which may further extend the rig's employment period. This new contract follows an agreement signed in January 2025 between Equinor and Odfjell Drilling. The previous contract extended the rig's employment until the end of the second quarter of 2027 and added approximately $148 million to Odfjell Drilling's facilities.
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History and Importance of the Deepsea Atlantic Rig
The Deepsea Atlantic rig has been one of Equinor's main drilling rigs since 2009. The previous contract established in 2025 included four single-well drilling options and three additional optional periods of one year each. If utilized, these options could extend the contract duration until 2030.
This rig was initially planned to operate under existing conditions until mid-2026, after which it would enter the extension period. The initial contract, valued at approximately $290 million, was for a duration of 23 months and was part of a larger agreement between the two Norwegian companies.
Given the Deepsea Atlantic rig's deep history with Equinor and current drilling needs in the market, this new contract could signify Equinor's long-term planning for the development of its oil resources. This decision also contributes to greater stability for Odfjell Drilling, which will be operational following this extension.
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