Odfjell Drilling Buys One Semi-Sub Rig, Finds Work for Another
November 17, 2025
Offshore drilling contractor Odfjell Drilling has signed a $480 million deal to acquire Deepsea Bollsta semi-submersible drilling rig from Northern Ocean, while securing also securing a job for its Deepsea Aberdeen rig.
Deepsea Bollsta has been managed by Odfjell Drilling since the first quarter of 2022 and is currently on firm contract with Equinor until the first quarter of 2028, in addition to having five one-year options.
The acquisition is estimated to add $355 million in firm backlog to Odfjell Drilling.
The company has received binding commitments from its relationship banks to fully finance the acquisition.
However, Odfjell Drilling said it will also explore other credit financing sources to optimize its long-term capital structure. The acquisition will follow standard closing procedures and has conditions customary for this type of transaction.
Deepsea Bollsta is a semi-submersible drilling facility of the Moss CS60E type, built at the Hyundai Heavy Industries shipyard (HHI) in South Korea and completed in 2019.
“Having managed and operated the Deepsea Bollsta for over three years, we have seen first-hand the potential of this rig and her crew. Having drilled successfully in both Namibia and Norway in recent years, Deepsea Bollsta has impressed us and its clients through good, predictable operations and efficiency and is recognised as one of the most capable units in the harsh environment sector,” said Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling.
In addition, Odfjell Drilling has signed a Letter of Intent (LOI) with an undisclosed client for its Deepsea Aberdeen semi-submersible drilling rig.
The work included in the LOI will begin in late 2026, in direct continuation of the unit’s current contract and will increase Deepsea Aberdeen’s firm backlog until the second quarter of 2029.
The LOI is contingent on customary subjects, the company said.
Deepsea Aberdeen is an enhanced GVA7500 harsh environment design and is Odfjell Drilling’s third rig of the well proven and optimised design. It is a sister rig to the Deepsea Atlantic and Deepsea Stavanger.
The unit, delivered in 2014, is designed for operations in harsh environments and at water depths of up to 3,000 m
“We are delighted to have agreed this LOI for use of the Deepsea Aberdeen. The Deepsea Aberdeen is rightly known as one of the best harsh environment units in the world and with this backlog, we look forward to continuing to build upon this legacy,” added Gjersdal.
