By Staff Reporter
WINDHOEK, May 6 — Portuguese oil and gas company, Galp Energia, has secured a semi-submersible rig for an offshore drilling campaign in Namibia. The contract has been signed with SFL Corporation, the owner of the Hercules semi-submersible rig, which is being managed by Odfjell Drilling. The drilling campaign will consist of two wells and an optional well testing phase and is estimated to be worth approximately $50 million. The rig is expected to start its drilling campaign in the fourth quarter of 2023, with the duration of the contract around 115 days, including mobilisation to Namibia.
The Hercules rig is currently undergoing its special survey in Norway before being mobilised to Canada for a contract with ExxonMobil. After this assignment is completed, it will then transit to Namibia for the Galp Energia contract. The 2008-built Hercules sixth-generation deepwater and harsh environment semi-submersible rig, of GVA 7500 design, was constructed by DSME in South Korea and can operate in water depths of 10,000 ft and its maximum drilling depth is 35,000 ft.
SFL Corporation CEO Ole B. Hjertaker stated that the new contract for the Hercules rig will keep the rig employed until the end of the first quarter of 2024. The company sees additional upside in day rates and contract terms from 2024 onwards.
Kjetil Gjersdal, CEO of Odfjell Drilling, stated that the company is excited to work with SFL and Galp Energia and to meet expectations safely and efficiently. This is the third drilling contract in Namibia that Odfjell Drilling has agreed to within the last year.
Last year, Galp Energia secured an extension for an exploration license in Namibia, which is located near Shell’s Graff and TotalEnergies’ Venus discoveries. The company conducted a 3D seismic campaign in the license, which comprises an area of around 3,000 km2 in Namibia’s deepwater offshore, in early 2019. The extension enables Galp Energia to drill an exploration well in the area in 2023. – Namibia Daily News
