Deepsea Bollsta Takes Nambia Contract Win

Thursday, June 27, 2024

Northern Ocean has won a contract award from a subsidiary of a major operator for use of the Deepsea Bollsta for work in Namibia. The contract duration is for one well and the duration is estimated at 63 days, likely to commence in Q4 2024.

After successfully transiting from Norway to Namibia, the Deepsea Bollsta has been operating within the Orange Basin in Namibia for 18 months and continues to demonstrate the efficiencies of utilizing a sixth-generation semisubmersible in this region. Northern Ocean has established itself in West Africa with Odfjell Drilling managing its two high-specification rigs and remains committed to securing further backlog with premier clients globally.

Before the commencement of the new contract, the Deepsea Bollsta will undertake a five-year class survey and there will also likely be a short idle period prior to commencement.

With the new contract award for Deepsea Bollsta and the current drilling contract for the Deepsea Mira, the company has an estimated aggregate revenue backlog between $80 million and $95 million, excluding bonuses, reimbursables and undeclared options.

Northern Ocean continues to be in discussions and processes with potential clients concerning securing additional backlog for both rigs.

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