Recently, Norwegian drilling rig operator Odfjell Drilling announced that Equinor has exercised an option to extend the contract for the semi-submersible drilling rig “Deepsea Atlantic” through the end of the fourth quarter of 2027. Specific financial details regarding this contract extension have not been disclosed.
It is reported that Equinor has exercised an option to add two more wells to the drilling scope, with the work for these additional wells to be carried out at the rates stipulated in the original contract.
This marks the second time Equinor has exercised an extension option. The semi-submersible drilling rig was originally contracted through mid-2026; in January 2025, the parties reached a contract extension, pushing the operational period to the end of the second quarter of 2027. The contract is valued at approximately $290 million, adding about $148 million to Odfjell Drilling’s order backlog.
Currently, Equinor retains pricing options for two additional wells, as well as three one-year optional periods which, if exercised, would extend the lease term through 2030.
Records indicate that the “Deepsea Atlantic” has been providing services to Equinor since its construction in 2009.