AKER BP EXTENDS CONTRACT FOR DEEPSEA NORDKAPP

December 18, 2023

d.
The extended term shall commence on 1st January 2025 in direct continuation of
the current firm contract period and run for a fixed duration of two years.
The two additional years are compensated on a market-based rate mechanism. As
previously agreed with Aker BP in 2022, the contract value for 2025 has a floor
and ceiling day rate, resulting in a contract value of USD 124 million to USD
146 million, where the ceiling of the day rate range shall be adjusted annually
based on an inflation formula. The contract value for 2026 is approximately USD
179 million which shall also be adjusted annually based on an inflation formula.
In addition to the extended firm duration, the contract now includes rolling
one-year un-priced optional periods, the price of which shall be based on market
rates set in advance of each respective optional year.
Deepsea Nordkapp is an enhanced Moss Maritime CS-60 winterized and purposely built for harsh environment areas. It was formerly called Stena MidMax and built in South Korea by Samsung Heavy Industries. Odfjell acquire the semi-submersible in May 2018 for $505 million.
(Source: Odfjell Drilling – Image: Semi-submersible Deepsea Nordkapp)