Equinor Energy (Equinor Energy AS) has extended its drilling contract with the semi-submersible Deep Sea Atlantic rig until the end of the fourth quarter of 2027. This contract includes drilling two additional wells that will be carried out under the current contract of this rig, and the agreed rates will remain based on the initial contract. Equinor also has pricing options for two additional wells.
Details of the New Contract
The extension of Equinor's contract goes back to an agreement in January 2025, which added approximately $148 million to the value of the Odfjell Drilling drilling contracts and extended the rig's valid duration until the second quarter of 2027. Equinor and Odfjell have had a close collaboration in drilling operations with the Deep Sea Atlantic rig since 2009.
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Features of the Deep Sea Atlantic Rig
The Deep Sea Atlantic rig, classified as a sixth-generation drilling rig, is designed for operations in deep waters and harsh environments. This rig is equipped with a dynamic positioning system and a dual drilling system, capable of operating in water depths of up to 3000 meters. These features make the rig suitable for drilling in challenging and deep areas.
This contract extension allows Equinor to continue its activities in oil and gas fields and contribute to meeting energy needs in the global market. Especially in the current conditions where the demand for energy has increased globally, continued collaboration with Odfjell can help enhance productivity and reduce costs.
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