Drilling & Completion

Equinor signs Hercules for up to two wells offshore Canada

Aug. 15, 2023

Equinor has signed a $100 million contract with SFL Corp. for use of the Hercules semisub for a drilling program offshore eastern Canada.

Odfjell Drilling, on behalf of SFL Corp. Ltd., has agreed with a subsidiary of Equinor to a drilling contract in Canada using the Hercules rig.

Offshore staff

The Hercules semisubmersible was built in 2008 and operates under the Panama flag.

HAMILTON, Bermuda — Equinor has signed a $100-million contract with SFL Corp. for use of the Hercules semisub for a drilling program offshore eastern Canada.

Terms cover one firm well with a planned duration of about 200 days including transit to and from Canada, and one optional well.

Odfjell Drilling will manage the rig on behalf of SFL, with drilling likely to begin next spring.

After completing its current drilling campaign for ExxonMobil in Canadian waters, Hercules will sail to Namibia for a contract with Galp Energia, expected to start in fourth-quarter 2023.

Ole B. Hjertaker, CEO of SFL Management, said that since taking redelivery of the rig at the end of last year, it now has unbroken employment through fourth-quarter 2024.

“This contract together with other recent contract rewards in the industry illustrates that the market for advanced harsh environment semisubmersibles is firming and expected to remain strong for a prolonged period.”

08.15.2023