Odfjell Drilling Ltd. is pleased to announce that it has agreed terms with Equinor to extend its contract for use of the Deepsea Atlantic until end Q2 2027.

The unit will operate under previously agreed terms until mid Q3 2026. After this, the unit will then continue with Equinor until end Q2 2027 for an approximate incremental value of USD 148 million excluding escalation fees, integrated services, performance bonuses and fuel incentives.

The contract maintains further optional periods of four priced one well options as well as three further optional periods of approximately one-year each, with the rates for each period to be mutually agreed prior to exercising. If exercised, such options could keep the Deepsea Atlantic contracted into 2030.

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:
“With this additional backlog, the Odfjell Drilling owned fleet is now fully booked until 2027 with significant, predictable and increasing revenue backlog. In addition, we are very pleased to add further tenure with our long-standing client, Equinor, with whom the Deepsea Atlantic has been contracted since 2009.”

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 Equinor

Equinor (OSE:EQNR, NYSE:EQNR), is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.