Aker BP Renews Contract for Odfjell Drilling's Deepsea Nordkapp With Extension.

Aker BP Renews Contract for Odfjell Drilling’s Deepsea Nordkapp With Extension.

Written by Paulo Nogueira

Published on 15/12/2023 at 15:09

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Odfjell Drilling Signs Contract Extension with Aker BP ASA for Delivery of Vessels Based on Market and Optional Periods.

Odfjell Drilling announced the extension of the firm contract for the Deepsea Nordkapp, an important achievement for the company. This sixth-generation drillship, featuring an enhanced CS 60E design by Moss, has stood out in the offshore drilling sector, and the partnership with Aker BP has been instrumental to its success. The contract extension until the end of 2026 brings stability and security to future operations of the Deepsea Nordkapp.

With the announcement of the contract extension, Odfjell Drilling further reinforces its position in the offshore drilling market. The Deepsea Nordkapp, with its CS 60E design, is one of the company’s most important assets, and the partnership with Aker BP has been key to the success of this firm two-year operation. The contract extension is yet another proof of the trust and recognition in the work done by Odfjell Drilling and the Deepsea Nordkapp.

Firm Contract of the Deepsea Nordkapp with Odfjell Drilling

The additional two years are compensated by a market-based rate mechanism, said Odfjell Drilling. As previously agreed in 2022, the contract value for 2025 has a minimum and maximum daily rate, resulting in a contract value of US$ 124 million to US$ 146 million, where the ceiling of the daily rate range will be adjusted annually based on an inflation formula. The contract value for 2026 is approximately US$ 179 million, which will also be adjusted annually based on an inflation formula.

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Benefits of the Contract Extension

In addition to the extended firm duration, the contract now includes continuous optional periods of one year without price, with the price based on market rates defined before each respective optional year.

Kjetil Gjersdal, CEO of Odfjell Drilling, said: ‘We are pleased to extend our contract with Aker BP, with whom the Deepsea Nordkapp has been working since its delivery in 2019. Along with our alliance model and its focus on collaboration and innovation, we foresee that Odfjell Drilling and Aker BP will continue to set new performance standards and provide safe and efficient operations with the Deepsea Nordkapp for many years.

With this extension, our own fleet is further protected with a firm order backlog of orders starting in 2024 and beyond, with increasing daily rates. Moreover, the continuous optionality mechanism will continue to provide the opportunity to further extend that delay to market rates.’ Drilling Activity Europe

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Aker BP Renews Contract for Odfjell Drilling’s Deepsea Nordkapp With Extension.

Odfjell Drilling Signs Contract Extension with Aker BP ASA for Delivery of Vessels Based on Market and Optional Periods.

Firm Contract of the Deepsea Nordkapp with Odfjell Drilling

Benefits of the Contract Extension

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Aker BP Renews Contract for Odfjell Drilling’s Deepsea Nordkapp With Extension.

Odfjell Drilling Signs Contract Extension with Aker BP ASA for Delivery of Vessels Based on Market and Optional Periods.

Firm Contract of the Deepsea Nordkapp with Odfjell Drilling

Benefits of the Contract Extension

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Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

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