Odfjell Drilling Deepsea Bergen Secures 3-Year Vår Energi Contract | Mariner News

Odfjell Drilling has secured a three-year Letter of Award (LOA) from Vår Energi ASA for the Deepsea Bergen drilling rig, valued at an estimated USD 518 million. This significant contract extends the rig’s firm backlog through the first quarter of 2031, following the completion of its current engagement.

The LOA for the Deepsea Bergen is set to commence in early 2028. The stated contract value includes mobilisation fees but notably excludes annual escalation, integrated services, performance bonuses, and fuel incentives, indicating a potential for total earnings to exceed the initial estimate.

Kjetil Gjersdal, CEO of Odfjell Drilling AS, emphasized the strategic nature of the agreement. He stated the terms allow for a long-term partnership arrangement, enabling both Odfjell Drilling and Vår Energi to invest in delivering safe and efficient drilling operations.

This long-term commitment removes the Deepsea Bergen from market availability until Q1 2031, providing Odfjell Drilling with significant revenue visibility and operational stability for a substantial period. It also signals Vår Energi’s sustained demand for advanced drilling capabilities to support its ongoing and future field development plans.