Press releases

NOL: Deepsea Bollsta contract status

December 11, 2023 – Hamilton, Bermuda

Northern Ocean Ltd (“NOL” or the “Company”) reports that a subsidiary of Shell Plc did not exercise the remaining option available under the Deepsea Bollsta contract for work in Namibia. The Deepsea Bollsta is available from June 2024, and the Company continues its ongoing dialogue with potential customers in the West African region and in harsh environment markets.

The Deepsea Bollsta successfully transited from Norway to Namibia in December 2022 and commenced drilling exploration and appraisal wells in the Orange Basin. The rig has maintained outstanding performance with the crews demonstrating the superior capabilities and efficiencies of a harsh environment semisubmersible operating in a challenging region through the winter season. The Company has established itself in Namibia with two premium semisubmersible rigs in operations and is confident its rigs are the right solution for this market long-term. However, the NOL fleet will continue to be marketed towards opportunities in all relevant offshore basins.