Deepsea Stavanger has been awarded a five-year firm contract with Aker BP ASA for drilling programs scheduled to commence early 2025.

• The day rates for the contract will be market based, within a pre-agreed range. 
• Day rate to be set by two brokers nine months prior to each calendar year.
• The base contract value is in the range of USD 620 million to USD 730 million, where the ceiling of the day rate range shall be adjusted based on an inflation adjustment formula starting from June 2023.
• In addition to the market based day rates, Aker BP shall pay performance and fuel savings incentive bonuses.
• The contract award is subject to license partner approval and Norwegian governmental approvals of Plan for Development and Operation (PDO) of planned projects.

Kjetil Gjersdal, CEO of Odfjell Drilling says: 
“This long term contract confirms our strong relationship with Aker BP. I am confident that Deepsea Stavanger is the right rig to deliver on the high environmental and operational ambitions on the major field development projects Aker BP is planning to execute.”

KeyFacts Energy Industry Directory: Odfjell Drilling