Oslo-listed semisub player Odfjell Drilling has bought the harsh environment semi-submersible drilling rig Deepsea Bollsta from John Fredriksen-controlled Northern Ocean, a semisub spin-off of Northern Drilling, for a total consideration of $480m. The 2019-built rig, which is of the Moss Maritime CS60 design, has been managed by Odfjell Drilling since the first quarter of 2022 and is currently on a firm contract with Equinor until the first quarter of 2028, with five one-year options. The acquisition, effective December 15, is estimated to add $355m to the company’s backlog. Odfjell Drilling has received binding commitments from its relationship banks to finance the acquisition fully. “Having managed and operated the Deepsea Bollsta for over three years, we have seen first-hand the potential of this rig and her crew. This fully financed all-cash transaction adds scale, strong backlog coverage and increased free cash flow visibility to our business and meets our strategy of being accretive to stakeholders from day one,” said Kjetil Gjersdal, CEO of Odfjell Drilling. “This transaction [unlocks] substantial value from our high-quality assets. The sale enhances our financial flexibility, optimises our capital structure, and positions us strongly to begin returning capital to our shareholders, underscoring our commitment to delivering sustained shareholder value,” said Arne Jacobsen, CEO of Northern Ocean, in a separate statement. In related news, Odfjell Drilling has lined up more long-term work for its owned rig Deepsea Aberdeen, signing a letter of intent with an undisclosed client that would keep the harsh-environment unit busy into 2029. The LOI covers a programme starting in late 2026, directly after the rig completes its current deal, and would extend its firm backlog until the second quarter of 2029. The 2014-built Deepsea Aberdeen is currently on contract to Equinor until the third quarter of 2026. The Norwegian major also has options that could have kept the rig employed until 2029. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsNorway