Odfjell Drilling received a Letter of Award (LOA) from Vår Energi to utilize the Deepsea Bergen semi-submersible rig for a three-year drilling campaign. Work is scheduled to begin in early 2028 upon completion of the unit’s current contract.
Under this agreement, the Deepsea Bergen’s firm contract backlog will extend until the first quarter of 2031. The estimated value is $518 million and includes costs associated with rig mobilization.
However, this figure does not include annual inflation adjustments, integrated services, performance-linked bonuses, or fuel-related incentives. These components could subsequently modify the economic value associated with the operations.
For Vår Energi, the agreement ensures multi-year access to a rig prepared for offshore drilling operations. The Norwegian oil and gas company is headquartered in Stavanger and was formed in 2018 following the merger of Eni Norway and Point Resources.
Odfjell Drilling strengthens rig utilization
For its part, Odfjell Drilling has secured long-term work for the Deepsea Bergen less than a year after adding the rig to its fleet.
Kjetil Gjersdal, CEO of Odfjell Drilling, noted that the terms included in the LOA will allow both companies to invest in a long-term relationship focused on maintaining safe and efficient drilling operations.
Furthermore, the executive highlighted the rig’s operational performance and the prospects the agreement opens for the unit and its crew, with a firm backlog that now extends to 2031.
The award also provides Odfjell Drilling with greater visibility into the future utilization of one of its offshore assets. The international drilling company has approximately 1,500 employees and operates in various markets.
A rig designed for harsh environments
The Deepsea Bergen was built in 2019 and features a CS 60 E semi-submersible design prepared for harsh environments. The unit has a maximum drilling depth of 12,000 meters and can accommodate up to 180 people.
Additionally, it incorporates systems designed to reduce NOx emissions and power units with SCR technology. These features enhance its capabilities for offshore campaigns requiring high-performance equipment.
Odfjell Drilling acquired the rig from Northern Ocean in December 2025. The unit previously operated under the name Deepsea Bollsta before being renamed Deepsea Bergen.
The new award comes while the rig maintains previous contractual activity. In June, it was assigned to drilling work linked to Equinor’s production license 190, which remains valid until September 2032.
Thus, the agreement with Vår Energi will bridge its current program with a new campaign starting in early 2028, keeping the Deepsea Bergen under firm contract until the first quarter of 2031.
Source: Energy Sources
Photo: Shutterstock
