Odfjell Drilling : enters letter of intent for Breidablikk development with Deepsea Aberdeen

Equinor has today awarded a letter of intent to Odfjell Drilling for the drilling and completion of the Breidablikk project with Deepsea Aberdeen.The letter of intent is subject to finalization of contract.

The contract is set to commence during spring 2022 with a scope of fifteen (15) firm wells and an estimated duration of 2.5 years. In addition, there are nine (9) optional wells. The approximate contract value for the firm scope is USD 290 million (excluding any integrated services, modifications/upgrades and mobilisation/demobilisation fees). In addition, a notable performance incentive rate will apply when wells are delivered ahead of target. The rate for the optional wells will be mutually agreed based on performance and market benchmarks.

Simen Lieungh, CEO Odfjell Drilling AS, says: 'We are delighted to secure another long term development project with Equinor and build upon our successful relationship by adding the Deepsea Aberdeen to the Equinor fleet. The Breidablikk development presents a specific set of technical challenges which shall require innovative and creative technologies to overcome. This award is further recognition of Odfjell Drilling's continuous drive to meet our clients' requirements and deliver the most efficient wells in the industry. With the development of cutting edge drilling solutions tailored for the Breidablikk development we are confident that together with Equinor and the wider One Team, the Breidablikk development will be a success. '

For further queries, please contact:

Lynne Webster, Corporate Secretary
[phone] [e-mail]

Aberdeen, United Kingdom
5 October 2020
Odfjell Drilling Ltd.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.