Odfjell Drilling Ltd. has entered into an agreement to acquire the Deepsea Bollsta, a harsh-environment semi-submersible unit, from Northern Ocean Ltd. The transaction is valued at $480 million. The 2019-built rig, designed to the Moss Maritime CS60 specification, has been under Odfjell Drilling’s management since early 2022. It continues to operate for Equinor under a firm programme that runs to the first quarter of 2028, supported by five additional annual options. The deal is expected to add $355 million to Odfjell Drilling’s firm backlog.
The buyer has secured full financing commitments from its relationship banks and will continue to review longer-term credit alternatives. The transaction is subject to standard closing requirements.
In remarks issued separately, Odfjell Drilling’s CEO pointed to the rig’s operational record in Namibia and Norway, noting predictable and efficient performance. Northern Ocean’s CEO stated that the sale contributes to improved financial flexibility and a more efficient capital structure.
In a related update, Odfjell Drilling reported that its owned semi-submersible Deepsea Aberdeen is set for further long-term work under a newly signed letter of intent. The programme is scheduled to begin in late 2026, following completion of the rig’s current contract, and would extend its firm commitment to the second quarter of 2029.
