Petroleum Africa
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Friday, September 27, 2024
Northern Ocean Ltd. (NOL) has signed a strategic alliance agreement in Ghana and a contract
with the Springfield Group of Companies for the use of the Deepsea Bollsta on a well test of the
Afina 1x well, among other activities.
The strategic alliance includes a mutual exclusivity to explore a long-term field development
program in Ghana. The firm contract duration is for one well test estimated to be 30-35 days and
will commence early in the fourth quarter this year.
The Ghana program will precede the contract with a subsidiary of a major operator which was
announced in July 2024. The agreed clean dayrate is $440,000, excluding mobilization and
demobilization. With this new contract award for Deepsea Bollsta, the Company has an
estimated aggregate revenue backlog between $85 million and $105 million, excluding bonuses,
reimbursables and undeclared options.
Arne Jacobsen, Chief Executive Officer of Northern Ocean, commented: “We are excited to
announce this strategic alliance agreement with Springfield, which is an important step in the
company’s plan to build a solid order backlog. In addition, this alliance creates the foundation for
NOL and Springfield to build a long-term relationship in Ghana where Springfield is an
important operator.
The short-term work in advance of the already announced drilling contract proves that it is
possible to backfill idle periods in direct discussions with oil companies. Although it is short-
term work it brings the Deepsea Bollsta back in operation earlier than anticipated, and NOL adds
an important oil company in West Africa to its list of clients. This demonstrate that NOL’s
superior assets combined with Odfjell Drilling`s operation is a very attractive solution for our
clients.”
Kevin Okyere, Chief Executive Officer of Springfield, commented: “The appraisal of Afina 1x
through a well test helps finalize the unitization between Springfield- ENI/ Vitol and will bring
significant value to the government of Ghana and all stakeholders involved in this unitization
Together with GNPC and GNPC Explorco, our partners, we are really excited to be working with
NOL in this historic drilling campaign as the first independent African company to operate in
deep waters. The success of this campaign will result in us being the first independent African
producer in deep waters as well. NOL’s impressive track record, efficiency and expertise make
them an ideal partner for Springfield as together we have managed to plan and we will execute
this drilling campaign in a safe efficient manner. Together in our partnership, we look forward to
building a mutually beneficial long-term relationship that brings significant value to all our
stakeholders.”
Both parties are committed to spending the time during this exclusivity period until 01.01.2025
to enter into a firm agreement for long term field development drilling starting mid- 2025.
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