Backlog Extension

Odfjell Drilling's Deepsea Bergen rig has been awarded a three-year contract by Vår Energi, valued at $518m. The contract, which begins in early 2028, extends the rig's firm contract backlog to the first quarter of 2031. This award is significant for Odfjell Drilling, as it demonstrates the rig's capabilities and secures a long‑term partnership with Vår Energi. The contract value includes mobilization fees but excludes escalation, integrated services, performance bonuses, and fuel incentives. Odfjell Drilling's CEO, Kjetil Gjersdal, expressed enthusiasm for the partnership, highlighting the rig's ability to deliver safe and efficient drilling operations. The Deepsea Bergen rig is well‑equipped to handle harsh environment drilling, with features such as nitrogen oxides‑friendly power units and a conventional mooring spread for water depths of 70 m to 500 m. This contract award is also notable, as it comes less than 12 months after Odfjell Drilling acquired the Deepsea Bergen unit, demonstrating the rig's value and capabilities. The contract backlog extension to 2031 is a positive development for Odfjell Drilling, indicating a strong future outlook for the rig and its crew.