Fredriksen’s SFL wins $100m Equinor contract for semisub rig in Canada

John Fredriksen’s SFL Corporation has secured more work in Canada for its 2008-built harsh environment semisub rig

The New York-listed diversified owner, with investments also in tankers, containerships, dry bulk vessels and car carriers, has sealed a deal worth around $100m with Equinor. The one-well plus one optional well contract is expected to start in the second quarter of 2024 and last for about 200 days.

The rig, managed by Odfjell Drilling, is currently working for ExxonMobil in Canada before it will transit to Namibia for a contract with Galp set to commence in the fourth quarter of 2023.

“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,” said Ole B. Hjertaker, CEO of SFL Management.

The latest contract brings SFL’s revenue backlog on the rig to approximately $200m. The company also owns the 2014-built jackup rig Linus, currently on charter with ConocoPhillips Skandinavia until Q4 2028.

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