Odfjell Drilling buys six-year-old rig: Name change coming up next year

December 15, 2025, by Melisa Cavcic

A 2019-built semi-submersible rig, owned by Northern Ocean, has now been acquired by Odfjell Drilling, which plans to rename this mobile offshore drilling unit (MODU) in 2026.

Deepsea Bollsta; Source: Odfjell Drilling

While disclosing the completion of the Deepsea Bollsta acquisition, Odfjell Drilling explains the rig will be renamed Deepsea Bergen, with the name change set to take place in 2026.

The accretive acquisition of a modern, high-specification harsh-environment rig is said to be fully debt financed, allowing the company to maintain a prudent debt leverage profile with strong visibility for further deleveraging.

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling, commented: “Completing the acquisition of what will become the Deepsea Bergen is a major milestone for Odfjell Drilling that fortifies our position as the leading harsh-environment driller.

“Adding rig capacity and contract backlog with Equinor and Aker BP aligns with our strategy of accretive growth and earnings visibility in our core market.“

Together with firm contracts secured for the Deepsea Nordkapp and Deepsea Aberdeen rigs, this is said to increase Odfjell Drilling’s firm backlog by close to $1 billion from last reporting date.

There is perceived to be minimal operational risk of integration into the rest of the fleet, with Odfjell Drilling having operated the rig for the past three years.

Gjersdal added: “Seeing the Deepsea Bergen join our fleet, brings a strong sense of pride and gives us an opportunity to build on the legacy associated with that name. I would like to thank everyone involved for their exceptional efforts in delivering this transaction.”

The company has now also completed a comprehensive refinancing, securing long-term funding on improved terms and further strengthening its capital structure. The firm secured $550 million in term loans and revolving credit facilities with core relationship banks.

The company issued a new $650 million, 5.25-year rated bond with issue date December 8, 2025. There is no final debt maturities until 2031, providing long-term financial stability and flexibility.

Ørjan Lunde, Chief Financial Officer of Odfjell Drilling, remarked: “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.”