Equinor Contracts Three Drilling Rigs for Norwegian Continental Shelf Activity

Equinor has signed a letter of intent with Transocean securing the use of three Cat D semi-submersible drilling rigs for its operations on the Norwegian continental shelf. The agreement, valued at approximately USD 1 billion including mobilization, is intended to support Equinor’s production strategy through 2035.

The arrangement covers a total of seven rig years, with rates below USD 400,000 per day. Transocean Enabler is slated for three years of work, while Transocean Encourage and Transocean Endurance are each contracted for two years. Transocean Endurance will return to Norway after operating in Australia since 2023.

According to Equinor, the extra drilling capacity is expected to lower well costs and accelerate the drilling of new wells. This supports the company's ambition to maintain production from the Norwegian continental shelf at 1.3 million barrels of oil equivalent per day by 2035, with approximately 70% of this output projected to come from new wells.

The Cat D rigs were originally built for Equinor and have operated on the Norwegian continental shelf since their completion in 2015 and 2016. Specific work scopes for the rigs are yet to be allocated. Integrated drilling services are optional and not included in the rate.