Aker BP extends Deepsea Nordkapp contract to end 2026 | Mariner News
Aker BP has extended the firm contract for Odfjell Drilling’s Deepsea Nordkapp harsh-environment semi-submersible rig until the end of 2026. This two-year extension, commencing January 1, 2025, in direct continuation of the current term, secures significant long-term employment for the asset at substantial, market-based rates.
The contract value for 2025 is set between USD 124 million and USD 146 million, incorporating a floor and ceiling day rate with the ceiling adjusted annually by an inflation formula. The value for 2026 is approximately USD 179 million, also subject to annual inflation adjustments. These figures underscore a robust contracting environment for high-specification drilling units.
Beyond the firm day rates, the agreement includes performance and fuel savings incentive bonuses, further enhancing commercial returns for Odfjell Drilling. This extension provides Odfjell Drilling with strong revenue visibility and asset utilization well into the middle of the decade, mitigating re-contracting risk for the Deepsea Nordkapp in the near term.
The significant contract values, particularly the approximate USD 179 million for 2026, which translates to roughly USD 490,000 per day, signal continued strengthening in the ultra-deepwater and harsh-environment drilling segments. The inclusion of inflation adjustment clauses is a critical development, protecting asset owners against rising operational costs while securing pricing power.
Aker BP’s long-term commitment to the Deepsea Nordkapp, alongside new rolling one-year un-priced optional periods, indicates a sustained, multi-year drilling strategy. These options, priced based on market rates ahead of each respective optional year, offer Aker BP flexibility in planning future campaigns while retaining access to a high-demand rig. The extension remains subject to license partner approval.
