Oslo-listed semisub player Odfjell Drilling has received signed confirmation from Aker BP to extend the firm contract period for the 2019-built Deepsea Nordkapp rig by one year, according to Splash247. The extension pushes the firm contract backlog to the end of 2028, with Aker BP retaining further options thereafter.
Contract Extension Details
The extension covers the Deepsea Nordkapp, a modern semisubmersible drilling rig that has worked continuously for Aker BP since its delivery in 2019. The following table summarises the key contract terms:
| Contract Element | Detail |
|---|---|
| Operator | Aker BP |
| Rig Owner | Odfjell Drilling |
| Rig Name | Deepsea Nordkapp |
| Build Year | 2019 |
| Original Contract Start | 2019 |
| Extension Period | One year (to end-2028) |
| Further Options | Retained by Aker BP after 2028 |
| Day Rate Setting | By end-2026 using two independent rig brokers, reflecting market rates |
Rate Mechanism and Market Context
A notable feature of the extension is the day-rate determination mechanism. According to Splash247, the operating rate applicable to the extension shall be set by the end of 2026, using a rate that reflects market rates and is defined by two independent rig brokers. This process aims to ensure pricing aligns with prevailing market conditions at the time of determination, providing both parties with a fair benchmark.
Kjetil Gjersdal, CEO of Odfjell Drilling, commented on the deal:
Deepsea Nordkapp has worked continuously with Aker BP since delivery in 2019, and we are pleased to secure this relationship further until at least 2028.
Outlook for North Sea Drilling
The extension secures Odfjell Drilling's revenue stream from the Deepsea Nordkapp well into 2028, adding to its firm backlog. For Aker BP, a major operator in the North Sea, the move ensures continuity of its drilling programme on a rig that has performed reliably since 2019. The retained options beyond 2028 give Aker BP flexibility to extend the relationship further if needed.
This charter extension underscores the ongoing demand for modern semisubmersible rigs in the North Sea, where Aker BP is active. The involvement of independent brokers to set the day rate introduces a transparent pricing mechanism tied to market conditions, which may serve as a model for future fixtures.
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