Odfjell Drilling has completed the acquisition of the Deepsea Bollsta drilling rig, along with the novation of the rig’s drilling contract with Norwegian oil and gas company Equinor for a firm period until early 2028, with options for five one-year extensions.
Following the acquisition, the rig will be renamed Deepsea Bergen, with the formal name change set for 2026.
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In addition to the rig acquisition, the company has completed a refinancing process, securing long-term funding under revised conditions, further bolstering its capital structure.
The refinancing featured $550m (£411m) in term loans and revolving credit facilities with its core banking partners, and the issuance of a new $650m, 5.25-year rated bond with issue date of 8 December 2025.
Odfjell Drilling announced that its amortisation schedule remains largely consistent, with an average annual amortisation of around $94m projected over the next five years.
The company also stated that it has no significant debt maturities until 2031, ensuring long-term financial stability and flexibility.
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By GlobalDataThe acquisition was entirely financed through debt and will have an immediate positive impact on earnings, Odfjell Drilling added.
Combined with existing firm contracts for the Deepsea Nordkapp and Deepsea Aberdeen rigs, this purchase boosts the company’s secured order backlog by nearly $1bn since the last reporting period.
The company has operated the rig for the past three years and expects minimal operational risk in the integration process.
Odfjell Drilling CFO Ørjan Lunde said: “The refinancing completed in parallel with the acquisition significantly strengthens our financial platform.
“We have improved pricing, extended maturities to 2031 and retained flexibility through revolving facilities, all while maintaining a balanced amortisation profile.
“With an average of two and a half years of backlog secured across our owned units, at attractive day rates, Odfjell Drilling is well positioned to enter 2026 with strong visibility, resilience and capacity to deliver value for all stakeholders.”
In June, Odfjell Technology and Oilfield Service Professionals (OSP) entered a partnership to integrate Odfjell’s experience with the workforce and domain expertise of OSP.
