Equinor locks Deepsea Atlantic until late 2027 with two more wells
The Norwegian energy major exercises options for two additional wells.
Norwegian drilling contractor Odfjell Drilling has secured an extended work commitment for its Deepsea Atlantic semisubmersible rig after energy major Equinor exercised options for two additional wells. The move extends the rig’s existing contract until late 2027 without interruption, maintaining the financial terms established in the original agreement.
The latest extension follows a January 2025 agreement in which Equinor prolonged the rig’s contract through mid-2027. That deal added approximately $148 million to Odfjell Drilling’s backlog, excluding additional fees for escalation, integrated services, performance bonuses, and fuel incentives. The earlier arrangement also included four priced one-well options and three optional one-year extensions, with rates for the longer periods subject to future negotiations.
Contract extension and financial impact: Deepsea Atlantic
With the recent option exercise, the Deepsea Atlantic will now remain under contract until the fourth quarter of 2027. Equinor retains priced options for two more wells, which, if activated, could keep the rig employed until 2030. The rig, built in 2009, has worked exclusively for Equinor since its deployment.
Norwegian Cruise Line
The Deepsea Atlantic is a sixth-generation semisubmersible designed for deepwater and harsh-environment operations. Equipped with dynamic positioning and a dual-derrick drilling system, it can operate in water depths of up to 3,000 meters. Its technical specifications make it well-suited for challenging conditions, particularly in the Norwegian Continental Shelf.
Rig capabilities and industry significance
The extended contract provides Odfjell Drilling with greater long-term visibility, a critical factor for investors and industry analysts. The stability of the rig’s backlog reflects sustained demand for high-specification drilling solutions in mature offshore markets. For Odfjell Drilling, the extension reinforces its position as a leading provider of harsh-environment drilling services, while also offering operational continuity for its skilled workforce.
As the offshore sector navigates market fluctuations, the Deepsea Atlantic’s extended employment highlights the value of technical reliability and long-term partnerships. The remaining contract options could further solidify Odfjell Drilling’s backlog, depending on Equinor’s future drilling plans and broader industry conditions.
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