Odfjell expands harsh-environment drilling fleet through acquisition

Deepsea Bollsta is an enhanced, extended CS 60 E harsh environment clean design rig with closed bus operations and a selective catalytic reduction unit on its generators to reduce NOx emissions.

It is equipped with a full conventional mooring spread for operations in water depths of 70 m-500 m, has a 7,500-tonne deck capacity and a high-spec NOV derrick capable of offline drilling pipe stand and casing building activities.

“Completing the acquisition of what will become Deepsea Bergen is a major milestone for Odfjell Drilling that fortifies our position as the leading harsh-environment driller,” said Odfjell Drilling chief executive Kjetil Gjersdal.

“Adding rig capacity and contract backlog with Equinor and AkerBP aligns with our strategy of accretive growth and earnings visibility in our core market.”

The addition of Deepsea Bollsta, and recent contract awards for semi-submersible drilling rigs Deepsea Nordkapp and Deepsea Aberdeen, increases Odfjell’s firm order backlog to US$1Bn from the last reporting date.

Completing this transaction will allow Northern Ocean to refinance its balance sheet and improve capital efficiency, enabling the Norwegian company to return capital to its shareholders.

“This transaction marks a significant strategic milestone for Northern Ocean, unlocking substantial value from our high-quality assets,” said Northern Ocean, chief executive Arne Jacobsen.

“The sale enhances our financial flexibility, optimises our capital structure, and positions us strongly to begin returning capital to our shareholders, underscoring our commitment to delivering sustained shareholder value.”