Odfjell Technology lands drilling services contract with Equinor on Norwegian Continental Shelf

Odfjell Technology (OTL) has recently been awarded a significant contract by Equinor Energy AS for platform drilling services on the Norwegian Continental Shelf. This contract, which signifies a strategic expansion for OTL, encompasses services on several key platforms including a new award for Grane and Visund, and an option exercised for Johan Sverdrup, while the option for Heidrun was not exercised.

The awarded contract, set to commence on October 1, 2024, spans a fixed duration of four years with an additional option for 1×2 years. This new contract is expected to substantially increase OTL’s backlog by approximately NOK 2 billion. The award stems from a limited competition under a broader contract initiated by Equinor Energy AS in 2018, covering drilling, completion, intervention services including plug and abandonment (P&A), maintenance, and modifications across Equinor’s operations.

Kurt Meinert Fjell, EVP Operations at Odfjell Technology, expressed enthusiasm about the award, stating, “This award will increase our contract portfolio with one additional platform operation. We are pleased at the trust placed in us by Equinor Energy AS and look forward to continuing to deliver safe and efficient services.”

The contract not only highlights OTL’s capacity to secure significant deals within the competitive landscape of offshore drilling services but also reflects the company’s ongoing commitment to safety and efficiency in operations. The inclusion of Grane and Visund in OTL’s portfolio alongside the continued involvement in Johan Sverdrup underscores the company’s growing influence and strategic positioning in the offshore drilling sector.

This agreement is pivotal for both parties, reinforcing OTL’s role as a key service provider in the offshore energy market and bolstering Equinor’s operational capabilities on the Norwegian Continental Shelf. The Norwegian Continental Shelf remains a critical area for oil and gas production, with ongoing projects contributing significantly to the region’s energy supply and economic development.