ODFJELL BUYS NEWBUILD SEMI-SUBMERSIBLE: DEEPSEA NORDKAPP

May 01, 2018

Norway’s Odfjell Drilling announced that Aker BP has today awarded Odfjell Drilling a 2 year firm drilling contract with 1+1 year optional periods. The commencement of drilling operations is expected in Q2/Q3 2019.
For the purpose of the drilling contract with Aker BP, Odfjell Drilling has entered into an agreement with Samsung Heavy Industries to purchase the former called drilling unit Stena MidMax for USD 505 million. The Unit is an enhanced Moss Maritime CS-60 winterized and purposely built for harsh environment areas. The Unit will meet Odfjell Drilling’s requirements for delivering highly efficient operations. Odfjell Drilling has agreed to pay a pre-delivery instalment of approximately USD 220 million within 30 April 2018, while the remaining purchase price is payable on delivery of the Unit. The Unit will be named Deepsea Nordkapp.
Quote Simen Lieungh, CEO of Odfjell Drilling:
“Expanding our fleet with another modern harsh environment semi is an important step in our strategy of growth, and strengthens our position in the market as the preferred harsh environment drilling contractor.
This drilling contract with Aker BP exemplifies the mutual benefits of the Alliance partnership, whereby Aker BP has now secured a second advanced harsh environment drilling unit, having secured a contract for the GVA unit Deepsea Stavanger in December 2017. Odfjell Drilling is very pleased to have this opportunity with Aker BP and we aim to hit new records in drilling efficiency and be a significant contributor to Aker BP achieving its ambitious targets.” (Source: Odfjell Drilling)