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Key takeaways
- TotalEnergies has extended its agreement with Northern Ocean, securing the Deepsea Mira platform for an additional three months.
- The extension generates an estimated $27 million to $38 million in revenue for Northern Ocean and adds between 65 and 93 days to the original contract term.
- Northern Ocean's firm order book now stands at $515 million to $545 million.
TotalEnergies has extended its agreement with Northern Ocean, allowing the Deepsea Mira semi-submersible drilling rig to remain operational in West Africa for an additional three months. This extension adds between 65 and 93 days to the original contract term and generates an estimated $27 million to $38 million (between €25 million and €36 million) in revenue for Northern Ocean. As a result, the company's order backlog is now a substantial $515 million to $545 million (between €495 million and €524 million).
The capabilities of the Deepsea Mira
The Deepsea Mira, built in 2018 by Hyundai Heavy Industries, is a technologically advanced platform designed to operate in water depths of up to 3,000 meters. This sixth-generation semi-submersible features dynamic positioning and anchor-mooring capabilities, making it suitable for both mild and challenging environments and capable of reaching depths of 3,000 meters. Owned by Northern Ocean and operated by Odfjell Drilling, the platform has consistently proven its effectiveness in demanding conditions.
Arne Jacobsen, Chief Executive Officer of Northern Ocean, highlighted the capabilities of the Deepsea Mira by stating, "The Deepsea Mira, with the services of Odfjell Drilling, is one of the most capable drilling rigs for year-round operations in severe weather conditions." This contract extension not only signifies the exceptional technological prowess of the Deepsea Mira, but also confirms the robust partnership between Northern Ocean and TotalEnergies, two industry leaders dedicated to advancing energy exploration in complex environments.
Partnership and reliability
Jacobsen expressed enthusiasm for the extension, stressing its importance beyond contractual obligations. He stated that it "solidifies our good relationship with TotalEnergies, but also demonstrates the reliability and advanced capabilities of the Deepsea Mira." He further underscored the spirit of cooperation by saying, "This partnership demonstrates how advanced technology, coupled with effective management, can deliver exceptional results even under the toughest conditions."
The extension reflects TotalEnergies' confidence in Northern Ocean's ability to provide high-quality solutions backed by Odfjell Drilling's extensive experience in managing complex offshore operations.
Northern Ocean's growing demand
Northern Ocean has seen a strong increase in its order book over the past four months, with approximately $500 million (about €480 million) in new agreements. This latest expansion underscores the growing demand for advanced offshore drilling solutions as energy companies step up their exploration efforts in strategic regions.
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