Northern Ocean Ltd. (NOL) has announced a significant new contract for its sixth-generation semisubmersible rig, Deepsea Bollsta. The contract, awarded by a subsidiary of a major operator, is for one well in Namibia and is set to commence in the fourth quarter of 2024. The project is expected to last approximately 63 days.
The Deepsea Bollsta, after a successful transition from Norway, has been operating in the Orange Basin, Namibia, for the past 18 months. During this period, it has demonstrated the advantages of using a high-specification rig in the region, reaffirming NOL’s commitment to operational efficiency and excellence.
This contract underscores NOL’s growing presence in West Africa, with Odfjell Drilling Ltd. managing the company’s two advanced rigs. The collaboration has proven effective, and NOL remains focused on securing additional contracts with top-tier clients worldwide.
Before starting the new contract, the Deepsea Bollsta will undergo a mandatory five-year class survey. A short idle period is anticipated before the commencement of the new operations.
With the new contract for Deepsea Bollsta and the ongoing drilling work for Deepsea Mira, NOL’s estimated aggregate revenue backlog stands between $80 million and $95 million, excluding bonuses, reimbursables, and undeclared options. The company is actively engaging with potential clients to secure further opportunities for both rigs.
