TotalEnergies adds more time to Northern Drilling semisub deal

French energy major TotalEnergies has exercised an extension option for Northern Drilling’s semisub Deepsea Mira.

John Fredriksen-controlled Northern Ocean, a semisub rig spin-off of Northern Drilling, won the extension back in August. The rig, managed by Odfjell Drilling, has been working in Namibia under a multi-country contract with TotalEnergies.

The firm term of this contract has, as a result, been extended by approximately 65 to 93 days. This extension provides approximately $27m to $38m of additional revenue backlog and will increase Northern Ocean’s firm backlog to approximately $515m to $545m.

In December of 2023, TotalEnergies exercised the first option under the semi’s contract extending its utilisation by 180 days and into the fourth quarter of 2024. Northern Ocean said at the time that the extension was worth between $68m and $75m.

“In the last four months, the company has increased its contract backlog by about $500m,” said Arne Jacobsen, CEO of Northern Drilling.