Reference is made to previous announcement of a Letter of Intent on 16 April 2018. Odfjell Drilling has signed the drilling contract for Deepsea Atlantic for 6 firm wells with an estimated total duration of 18 months, scheduled to commence in early first quarter 2019. The contract contains the option to continue operations for Equinor after the firm period, and such options shall be based on market pricing. The contract value is estimated to USD 160 million (including some third party services, e.g. casing running services by Odfjell Well Services) plus potential income from the contract incentive model.

In addition, and as part of a long term co-operation with Equinor, Odfjell Drilling also signed a Master Frame Agreement for all the drilling units in the fleet, which will be the foundation for any future rig requirements which may be agreed between the parties.

Simen Lieungh, CEO Odfjell Drilling: “A long term co-operation with Equinor is a key cornerstone in Odfjell Drilling’s long term strategy for growth on the NCS. The Master Frame Agreement formalizes this co-operation and allows the parties to work closer in developing new technologies and new ways of working to achieve even more efficient operations. The drilling contract for Deepsea Atlantic is hopefully the first of many opportunities to be realized under the Master Frame Agreement. Odfjell Drilling looks forward to being a key contributor to Equinor’s ambitious targets for drilling on NCS.”

About Odfjell Drilling

Odfjell Drilling is a listed international drilling, well service and engineering company with 2000 employees and operations in more than 20 countries.

About Equinor

Equinor, 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.