Samsung Heavy delivers new semi-submersible rig to Odfjell Drilling

Offshore driller Odfjell Drilling has taken delivery of Deepsea Nordkapp drilling rig from Samsung Heavy Industries’ shipyard in South Korea.

The newbuild rig was named in October 2018 and delivered to its owner on Monday, January 7, 2019.

Deepsea Nordkapp is the latest addition to Odfjell Drilling’s fleet of harsh environment drilling units. The semi-submersible is an enhanced Moss Maritime CS-60 design, winterized and purposely built for harsh environment areas.

Odfjell said that the Deepsea Nordkapp will now start its voyage to the Norwegian Continental Shelf for its 2+2 year contract with Aker BP. The rig is expected to start drilling operations in the second quarter of 2019.

Simen Lieungh, CEO of Odfjell Drilling, said: “We are very pleased to take delivery of Deepsea Nordkapp and we look forward to start operations for Aker BP later this year. Deepsea Nordkapp is an important contribution to the Alliance with AkerBP and we are well prepared to ensure safe and efficient operations.”

The rig was previously ordered by Stena Drilling back in 2013, but Stena in 2017 canceled the order, claiming Samsung Heavy Industries was unable to complete and deliver the unit within the contractually agreed timeframe.

Odfjell Drilling then in April 2018 bought the rig for $505 million and won a contract for it with Aker BP.

In late August 2018, the driller accepted an offer from bank lenders for a $325 million senior secured term loan facility to finance the acquisition of the Deepsea Nordkapp drilling rig. At the end of October 2018, Odfjell Drilling signed the final agreement for a $325 million bank loan to finance the rig acquisition, available upon the delivery of the rig.

Offshore Energy Today Staff