Odfjell Drilling announced a Letter of Award with Vår  Energi ASA for use of the Deepsea Bergen.

The scope of work awarded covers a period of three years, starting in early  2028, following completion of the Deepsea Bergen’s current contract. The firm  backlog covered under the LOA has an estimated contract value of USD 518  million, including mobilisation fees, but excluding annual escalation,  integrated services, performance bonuses and fuel incentives.

As a result of the LOA, the Deepsea Bergen’s firm contract backlog has been  extended until Q1 2031.

Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:  “We are delighted to have received this letter of award and to be partnering  with Vår Energi with the Deepsea Bergen. At Odfjell Drilling, we like to  maintain close, long-term relationships with our clients and the terms included  in this LOA allow both Vår Energi and Odfjell Drilling to invest in a long-term  partnership arrangement which will enable Deepsea Bergen to deliver the safest  and most efficient drilling possible.

“Separately, we are also very pleased to have secured a long-term contract award  for the Deepsea Bergen less than twelve months after our acquisition of the  unit. The Deepsea Bergen has confirmed its capability to deliver world-class  operational performances, and we look forward to seeing the unit working with  Vår Energi to achieve their exciting business objectives.

“With backlog on the unit now extending until at least Q1 2031, we are very  excited about what the future holds for the rig and her crew.”