Northern Ocean announced a contract award for Deepsea Bollsta from Equinor Energy AS, a subsidiary of Equinor ASA, for work in Norway. The contract is expected to commence in the second half of 2025 and has an estimated firm duration of two years, plus five one-year optional periods, where the first year is priced and the following years are unpriced. The contract adds approximately USD 335 million of firm backlog to the Company with the addition of around USD 80 million for client specific upgrades, integrated services and mobilisation from Namibia to Norway. This will increase Company’s firm backlog to approximately USD 465 million.
NOL will work together with its operational manager Odfjell Drilling, to move the rig from Namibia for operations in Norway in a safe, secure and efficient manner, in direct continuation of completed work in Namibia.
In addition, the Company has signed a letter of intent with an undisclosed operator for one well work in Norway, to be completed in advance of the Equinor contract.
Arne Jacobsen, Chief Executive Officer of NOL, commented: “This marks a turning point for the Company to secure a longer-term contract in Norway with a client like Equinor, which adds more than USD 415 million to the revenue backlog. This provides a solid foundation for NOL to further develop the company and continue to build backlog, enabling the next steps of the company strategy. This is yet another proof that the NOL business model, combining NOL`s superior assets with Odfjell Drilling’s operations, is a very attractive solution for our high-quality clients.”