Deepsea Stavanger has been awarded a five-year firm contract with Aker BP ASA for drilling programs scheduled to commence early 2025.

The day rates for the contract will be market based, within a pre-agreed range.

Day rate to be set by two brokers nine months prior to each calendar year.

The base contract value is in the range of USD 620 million to USD 730 million, here the ceiling of the day rate range shall be adjusted based on an inflation adjustment formula starting from June 2023.

In addition to the market based day rates, Aker BP shall pay performance and fuel savings incentive bonuses.

The contract award is subject to license partner approval and Norwegian governmental approvals of Plan for Development and Operation (PDO) of planned projects.

Kjetil Gjersdal, CEO of Odfjell Drilling says: “This long term contract confirms our strong relationship with Aker BP. I am confident that Deepsea Stavanger is the right rig to deliver on the high environmental and operational ambitions on the major field development projects Aker BP is planning to execute.”

About Odfjell Drilling

Odfjell Drilling is a listed international drilling, well service and engineering company with 2500 employees and operations in more than 20 countries.

About Aker BP

Aker BP is an independent E&P company with exploration, development and production activities on the Norwegian Continental Shelf. Aker BP is the operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The company is also a partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker ‘AKRBP’.