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

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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While an average building in London or New York takes three years to be completed, in China a 26-story tower went up in five days with about 100 workers, and the global modular construction market already moves US$ 95 billion per year.

Australia installs giant concrete structures on the seabed 800 meters from the shore to create an ocean intake for desalination that will draw in saltwater and produce 30 million liters of drinking water per day.

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A public school student single-handedly created a machine capable of treating water for up to 50 people using only solar energy. It was awarded third place at one of the most important science fairs in the world.

Germany installed vertical solar panels on a lake in Bavaria, and the result broke conventional logic: instead of producing energy at midday peak, the plant generates more early in the morning and in the evening, exactly when families turn on appliances and factories are in full swing.

China has begun the second phase of energy assistance to Cuba with a 120 MW solar generation plan, and the first result is a photovoltaic park with batteries that regulates voltage, controls frequency, and provides local autonomy to an island suffocated by chronic blackouts.

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