Odfjell completes acquisition of Deepsea Bollsta and secures refinancing

Odfjell Drilling has completed the acquisition of the Deepsea Bollsta drilling rig, on with the novation of the rig’s drilling declaration with Norwegian lipid and state institution Equinor for a steadfast play until aboriginal 2028, with options for 5 one-year extensions.

Following the acquisition, the rig volition beryllium renamed Deepsea Bergen, with the ceremonial sanction alteration acceptable for 2026.

In summation to the rig acquisition, the institution has completed a refinancing process, securing semipermanent backing nether revised conditions, further bolstering its superior structure.

The refinancing featured $550m (£411m) successful word loans and revolving recognition facilities with its halfway banking partners, and the issuance of a caller $650m, 5.25-year rated enslaved with contented day of 8 December 2025.

Odfjell Drilling announced that its amortisation docket remains mostly consistent, with an mean yearly amortisation of astir $94m projected implicit the adjacent 5 years.

The institution besides stated that it has nary important indebtedness maturities until 2031, ensuring semipermanent fiscal stableness and flexibility.

The acquisition was wholly financed done indebtedness and volition person an contiguous affirmative interaction connected earnings, Odfjell Drilling added.

Combined with existing steadfast contracts for the Deepsea Nordkapp and Deepsea Aberdeen rigs, this acquisition boosts the company’s secured bid backlog by astir $1bn since the past reporting period.

The institution has operated the rig for the past 3 years and expects minimal operational hazard successful the integration process.

Odfjell Drilling CFO Ørjan Lunde said: “The refinancing completed successful parallel with the acquisition importantly strengthens our fiscal platform.

“We person improved pricing, extended maturities to 2031 and retained flexibility done revolving facilities, each portion maintaining a balanced amortisation profile.

“With an mean of 2 and a fractional years of backlog secured crossed our owned units, astatine charismatic time rates, Odfjell Drilling is good positioned to participate 2026 with beardown visibility, resilience and capableness to present worth for each stakeholders.”

In June, Odfjell Technology and Oilfield Service Professionals (OSP) entered a concern to integrate Odfjell’s acquisition with the workforce and domain expertise of OSP.

"Odfjell completes acquisition of Deepsea Bollsta and secures refinancing " was primitively created and published by Offshore Technology, a GlobalData owned brand.

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