2019-built rig changing hands thanks to $480 million sale deal

November 17, 2025, by Melisa Cavcic

A six-year-old semi-submersible rig, managed by Odfjell Drilling and owned by Northern Ocean, is getting a new owner, as the current manager sets the stage to become the new owner of this mobile offshore drilling unit (MODU).

Deepsea Bollsta; Source: Odfjell Drilling

As Northern Ocean’s subsidiary has agreed to sell the Deepsea Bollsta to a subsidiary of Odfjell Drilling for a cash settlement of $480 million, this divestment is scheduled to be effective on December 15, 2025.

While the proposed agreement is subject to regulatory approval in Norway, the duo expects to conclude the transaction as soon as practicable after obtaining the required approvals.

Commenting on this, Arne Jacobsen, CEO of NOL, emphasized: “This transaction marks a significant strategic milestone for Northern Ocean, unlocking substantial value from our high-quality assets.

“The sale enhances our financial flexibility, optimizes our capital structure, and positions us strongly to begin returning capital to our shareholders, underscoring our commitment to delivering sustained shareholder value.”

The 2019-built MODU is a Moss Maritime CS60 design harsh environment semi-submersible, which is said to be among the most capable units of its type in the world, currently working on a long-term contract with Equinor on the Norwegian Continental Shelf (NCS).

The completion of the transaction is anticipated to allow NOL to refinance its balance sheet and materially improve capital efficiency, thereby enabling the company to begin the return of capital to shareholders.

This rig acquisition move follows shortly after Odfjell Drilling inked a letter of intent (LOI) for another rig in its semi-submersible fleet.