Northern Ocean Ltd. (NOL) owned the Deepsea Mira platform, which concluded its drilling contract with Shell off the coast of Namibia, marking the end of a campaign that will contribute approximately $31 million in revenue by the second quarter of 2026.
The offshore campaign off Namibia has ended.
The unit began operations on April 4, 2026, as part of the contract signed with Shell and completed work on July 2. The oil company decided not to exercise the option to drill a second well, so the agreement ended according to the established conditions.
Northern Ocean also reported that the platform received the contractual daily rate until the date of completion of operations, fulfilling the agreed commercial conditions.
The platform will be prepared for new projects
After completing the campaign, Deepsea Mira began its demobilization process towards Walvis Bay, where it will undergo a program of improvements and technical modifications aimed at optimizing its performance before joining new drilling projects.
These adjustments aim to maintain the platform’s competitiveness within the segment of units designed to operate in highly complex offshore environments.
The contract will strengthen second-quarter results
Northern Ocean indicated that the effective extension of the contract with Shell will allow it to recognize approximately $31 million in revenue during the second quarter of 2026. The company added that operating costs continue to evolve in line with the established forecasts for this period.
The company will publish its half-year financial report for the first half of 2026 on August 28, a document that will include the results of the second quarter.
Northern Ocean offers opportunities for the second half of the year
While the platform upgrade process is underway, Northern Ocean continues to commercially promote the Deepsea Mira and is participating in various tenders related to new drilling campaigns.
According to the company, demand for drilling capacity for harsh environments continues to show favorable performance, strengthening the prospects for awarding new contracts during the second half of 2026.
Source: Northernocean
Photo: Shutterstock
