Additional work added to Deepsea Stavanger contract

May 16, 2022
Odfjell Drilling reported that Equinor has exercised further work for the Deepsea Stavanger semisubmersible unit.
Offshore staff

SCOTLAND, U.K. — Odfjell Drilling reported May 13 that Equinor has exercised further work for the Deepsea Stavanger under the continued optionality mechanism provided for in the contract entered into by the parties in May 2021.

The Deepsea Stavanger, a sixth-generation deepwater and harsh environment semi-submersible unit offshore Norway, now has six remaining wells to be drilled following this addition. The wells are expected to occupy the rig into first-quarter 2023, according to the Odfjell Drilling news release.

Equinor previously exercised its contractual right to additional work on Deepsea Stavanger in September 2021 and again in March 2022, and the company has the opportunity to exercise further wells under the continued optionality mechanism.

The day rate is similar to the current contract, and a notable performance incentive rate in addition shall apply when wells are delivered safely and ahead of target. Integrated services are provided through the contract and compensated separately.