Equinor Expands Its Fleet with New Rig Contract
Deal News | Nov 18, 2024 | Equinor ASA
Equinor ASA has announced a contract for a new rig valued at approximately USD 335 million, scheduled to commence operations in late 2025. The deal includes five optional extensions of one year each. Equinor aspires to sustain high levels of production on the Norwegian continental shelf until 2035. The new rig, Deepsea Bollsta, owned by Northern Ocean Wind AS and operated by Odfjell Drilling, underscores the firm's strategic focus on developing existing fields and exploring new opportunities in Norway. While the rig is currently located in Africa, it has previously operated in Norway. This partnership continues Equinor's emphasis on safety and performance, with plans to increase recovery and exploration wells on an annual basis.
Sectors
- Oil and Gas Exploration and Production
- Energy Services and Equipment
Geography
- Norway – Equinor's operations and expansion plans are centered on the Norwegian continental shelf.
- Namibia – The current operational location of the Deepsea Bollsta rig before its deployment in Norway.
Industry
- Oil and Gas Exploration and Production – The article pertains to Equinor's activities on the Norwegian continental shelf, focusing on the exploration and production of hydrocarbons.
- Energy Services and Equipment – The involvement of drilling services and rig operations is indicative of the energy services and equipment industry.
Financials
- USD 335 million – The contract value for the firm period of the new rig agreement between Equinor and Northern Ocean Wind AS.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Equinor ASA | PE Company | Company | A leading energy company focusing on oil and gas exploration and production, with operations primarily in Norway. |
| Northern Ocean Ltd. | Owner of the Rig | Company | Owns Northern Ocean Wind AS, which holds the Deepsea Bollsta rig. |
| Northern Ocean Wind AS | Target | Company | The company owning the Deepsea Bollsta rig involved in the contract with Equinor. |
| Odfjell Drilling | Operator | Company | Provides drilling services and will operate the Deepsea Bollsta rig for Equinor. |
| Kjetil Hove | Executive | Person | Executive vice president for Exploration and Production Norway (EPN) at Equinor. |
| Erik Kirkemo | Executive | Person | Senior vice president for Drilling and Well at Equinor. |