TotalEnergies SE exercised the first option under the Northern Ocean Ltd. Deepsea Mira contract for work in West Africa.
The contract had a firm duration of 300 days with two unexercised options which would extend the term through 2024. In 2023 TotalEnergies SE planned a multi-well drilling program offshore Namibia following the Venus light oil discovery in Block 2913B (PEL 56) and exploration of the Venus accumulation into Block 2912 (PEL 91) (OGJ Online, June 29, 2023).
The firm term of this contract has been extended 180 days into fourth-quarter 2024 and provides between $68 million and $75 million of additional revenue backlog, excluding bonuses, reimbursables, or other undeclared options.
Odfjell Drilling provides Northern Ocean's rig fleet with marketing and management services, and Northern Ocean performs commercial chartering decisions.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
