In an additional indicator of toughness in the overseas exploration market, John Fredriksen connected SFLCorporation Ltd (NYSE: SFL) reported today that it has actually authorized an exploration agreement in Canada with a subsidiary of Equinor ASA for the extreme setting semi-submersible gearHercules The approximated agreement worth is roughly $100 million.
“We are pleased to sign the third contract for the Hercules since we took redelivery of the rig at the end of 2022 with yet another blue-chip operator,” claimed Ole B. Hjertaker, CHIEF EXECUTIVE OFFICER of SFL Management AS. “With this contract, SFL has now approximately $200 million of revenue backlog on Hercules and secured undisrupted employment for the rig until the fourth quarter of 2024. This contract together with other recent contract rewards in the industry illustrates that the market for advanced harsh environment semi submersibles is firming and expected to remain strong for a prolonged period.”
Odfjell Drilling will certainly handle the gear in support of SFL under the agreement, which is for one well plus one optional well, and is anticipated to start in the 2nd quarter of 2024. The period for the company agreement duration is roughly 200 days consisting of transportation to and from Canada.
Hercules is presently piercing for ExxonMobil in Canada prior to transiting to Namibia for an agreement with Galp Energia, anticipated to start in the 4th quarter of 2023.
According to Odfjell Drilling the Hercules is a 6th generation deepwater and extreme setting semi-submersible.
Delivered by DSME, South Korea, in 2008, it is an advanced high derrick, dynamic-positioned system of GVA 7500 style and is outfitted with a complete traditional mooring spread for procedures in water midsts of 100 to 500 meters.
