This extension, as reported by Upstream, increases the contract duration by 65 to 93 days, generating an additional revenue backlog projected between $27 million and $38 million.
As a result, Northern Ocean's total firm backlog now stands at an impressive range of $515 million to $545 million.
The Deepsea Mira, constructed in 2018 by Hyundai Heavy Industries in South Korea, is a semi-submersible rig capable of operating in water depths of up to 10,000 feet. It is classified as a 6th-generation, dynamically positioned, anchor-moored semi-submersible rig based on the Moss Maritime CS60E design. Designed to function in both mild and severe environments, the rig can operate at depths reaching 3,000 meters, making it a highly adaptable asset for deepwater exploration.
Owned by Northern Ocean and operated by the Norwegian company Odfjell Drilling, the rig has demonstrated its effectiveness in demanding conditions.
“The Deepsea Mira, with Odfjell Drilling’s services, is one of the most capable rigs for year-round operations in harsh weather conditions,” noted Arne Jacobsen, Chief Executive Officer of Northern Ocean.
The recent contract extension is seen by industry analysts as a clear indication of the advanced technological prowess of the Deepsea Mira, reinforcing its reputation as a leading asset in offshore drilling. This extension not only highlights the technical strengths of the vessel but also underscores the strong and developing partnership between Northern Ocean and TotalEnergies, two prominent players dedicated to enhancing energy exploration in challenging settings.
Arne Jacobsen, Chief Executive Officer of Northern Ocean, conveyed his excitement regarding this development, pointing out its significant implications. “We are delighted with this extension, as it not only strengthens our positive relationship with TotalEnergies but also showcases the reliability and sophisticated capabilities of the Deepsea Mira,” he remarked.
Jacobsen further emphasized that this collaboration transcends mere contractual agreements, embodying a mutual commitment to innovation and excellence in the energy industry. “This partnership illustrates how cutting-edge technology, combined with effective management, can yield outstanding results even in the most demanding environments,” he noted.
Additionally, the contract extension signifies TotalEnergies’ trust in Northern Ocean’s capacity to provide high-performance solutions, supported by Odfjell Drilling’s established expertise in overseeing complex offshore operations.
In the last four months, Northern Ocean has significantly enhanced its contract backlog, securing around $500 million in new agreements.
This latest extension underscores the increasing demand for sophisticated offshore drilling solutions as energy companies intensify their exploration activities in critical regions.