SFL Corporation said it is optimistic it will secure a new contract for its 10,000-ft harsh-environment semisubmersible Hercules, which is currently without work.
Speaking during the company’s Q4 2025 results call on Wednesday, executives said they have been seeking opportunities for Hercules, while noting the market has been somewhat slow. They added that broker feedback suggests increasing market activity and a broader set of employment possibilities ahead, though the company said it would not comment on any specific talks. SFL said it will announce contracts if and when they materialise.
Management pointed to signs of improving contract fundamentals, citing both industry consolidation following the merger announcement between Transocean and Valaris earlier this week and a recent harsh-environment fixture with comparable characteristics. SFL referenced a contract awarded by Aker BP in Norway to the 10,000-ft semisubmersible Noble GreatWhite, set to run for three years with a startup in 2027.
The Odfjell Drilling-managed Hercules has been idle since November 2024, when it completed its contract with Equinor in Canada. After finishing that assignment, the rig moved to Norway, where it has been warm stacked since.
SFL previously said that, given the rig’s harsh-environment capabilities, it is primarily focusing on the North Sea, Canada, Namibia and South Africa as target markets for potential work.
