Namibia: Northern Ocean begins contract with TotalEnergies offshore Namibia

Northern Ocean has announced that its high specification semi-submersible drilling rig, Deepsea Mira, has safely completed transit to Namibia and commenced drilling activities under its contract with a subsidiary of TotalEnergies.

The contract has a firm term of 300 days with two unexercised options extending the term to 2024. Odfjell Drilling prepared and mobilised the platform in Namibia and managed operations for the duration of the contract.

Now that Deepsea Mira has successfully commenced operations, the Company has mitigated its exposure to mobilisation, reactivation and other pre-commissioning risks. In addition, the Company has amended the credit facility with Sterna Finance Ltd. to provide a new tranche in the amount of $50 million with a term of three months. This gives the Company sufficient time to normalise the working capital of both platforms.