As fourth rig returns to work, Odfjell Drilling winds down its fleet’s planned SPS scope

Odfjell Drilling, a 52-year-old offshore drilling player, has confirmed the wrap-up of a special period survey (SPS) for another semi-submersible rig that was on the agenda this year.

While disclosing the completion of the Deepsea Aberdeen rig’s SPS, the rig owner explained that the unit was returning to operations after three weeks of scheduled off-hire. This marks the end of SPS projects for the firm’s own fleet of rigs, with all four special periodic surveys reportedly completed on time and on budget, as well as with an average downtime below expectations.

After a letter of intent from October 2020, Norway’s Equinor and Odfjell Drilling struck a rig deal in November 2020, which was last extended in May 2024, enabling the rig to secure firm backlog to the third quarter of 2026. The Norwegian state-owned energy giant has further optional periods available to prolong the Deepsea Aberdeen rig’s assignment to 2029.

The 2014-built Deepsea Aberdeen is a harsh environment semi-submersible, dual derrick rig of enhanced GVA 7500 design, capable of working at water depths of up to 3,000 meters. The rig has eight mooring lines and can accommodate 157 people. With a 7,500 mt loading capacity in all operating conditions, the rig’s drilling depth capacity is 10,670 meters.

Aside from the SPS scope, the offshore drilling player highlights material upgrades its rigs received, thanks to the installation of a new blowout preventer (BOP) on Deepsea Atlantic and the increase of the variable deck-load capacity on Deepsea Atlantic and Deepsea Stavanger rigs.

The firm also finished significant client-specific efficiency-enhancing investments and other smaller upgrade projects. Following the completion of the SPS projects, Odfjell Drilling’s capex will be reduced. The company underlines that the distribution restrictions under the terms of its $390 million senior secured 1st lien bond are more flexible. Odfjell Drilling’s next SPS is scheduled for the Deepsea Nordkapp rig in late 2028.

Kjetil Gjersdal, CEO of Odfjell Drilling, commented: “Since early 2022, we’ve been preparing for this critical SPS period. With all eight rigs scheduled between 2023 and 2025, careful planning and strong execution have been essential — and I would like to thank the project organisation and every one of our onshore and offshore personnel for their valuable contributions.

“Our rigs are now in prime condition and installed with the latest technologies providing solid foundations to deliver further value and excellent performance. With significantly reduced capex payments going forward and no debt maturities until 2028, we are well placed for further stakeholder returns.”