Odfjell Drilling Ltd. (“Odfjell Drilling” or the “Company”, OSE: ODL), is
pleased to announce today’s successful completion of the acquisition of Deepsea
Bollsta, including the novation of the rig’s drilling contract with Equinor for
a firm period until early 2028 and with five one-year extension options.
Reflecting its integration into Odfjell Drilling’s own fleet, the rig will be
renamed Deepsea Bergen. The name change will formally take place in 2026.
In parallel with the transaction, Odfjell Drilling has now also completed a
comprehensive refinancing, securing long-term funding on improved terms and
further strengthening its capital structure.
Key highlights:
o Accretive acquisition of a modern, high-specification harsh-environment rig,
with exceptional operational record
o Fully debt financed, allowing the company to maintain a prudent debt
leverage profile with strong visibility for further deleveraging
o Immediately contributes to earnings and, together with firm contracts
secured for the Deepsea Nordkapp and Deepsea Aberdeen, increases Odfjell
Drilling’s firm backlog by close to USD 1 billion from last reporting date
o Minimal operational risk of integration into the rest of the fleet, with
Odfjell Drilling having operated the rig for the past three years
o Optimised capital structure, both from a cost and amortisation perspective.
o Secured USD 550 million in term loans and revolving credit facilities with
core relationship banks
o Issued a new USD 650 million, 5.25-year rated bond with issue date 8
December 2025
o Lowered bond coupon from 9.25% to 7.25% and reduced average margin on bank
facilities to 288 bps over SOFR
o Largely unchanged amortisation profile with approximately USD 94 million
average annual amortisation over the next five years
o No final debt maturities until 2031, providing long-term financial
stability and flexibility
Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented:
“Completing the acquisition of what will become the Deepsea Bergen is a major
milestone for Odfjell Drilling that fortifies our position as the leading
harsh-environment driller. Adding rig capacity and contract backlog with Equinor
and Aker BP aligns with our strategy of accretive growth and earnings visibility
in our core market.
“Seeing the Deepsea Bergen join our fleet, brings a strong sense of pride and
gives us an opportunity to build on the legacy associated with that name. I
would like to thank everyone involved for their exceptional efforts in
delivering this transaction.”
Ørjan Lunde, Chief Financial Officer of Odfjell Drilling AS commented:
“The refinancing completed in parallel with the acquisition significantly
strengthens our financial platform. We have improved pricing, extended
maturities to 2031 and retained flexibility through revolving facilities, all
while maintaining a balanced amortisation profile.
“With an average of two and a half years of backlog secured across our owned
units, at attractive day rates, Odfjell Drilling is well positioned to enter
2026 with strong visibility, resilience and capacity to deliver value for all
stakeholders.
For further queries, please contact:
James Crothers
Investor Relations Officer
+44 (0) 7495 067 684
jchu@odfjelldrilling.com
London, United Kingdom
15 December 2025
Odfjell Drilling Ltd