Odfjell Drilling Ltd. is pleased to announce a Letter of Award ("LOA") 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."
For further queries, please contact:
James Crothers, Investor Relations Officer
+44 (0) 7495 067 684
jchu@odfjelldrilling.com
London, United Kingdom
10 September 2026
Odfjell Drilling Ltd
This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.
o Section\
5-12 of the Norwegian Securities Trading Act.\