Northern Ocean sells Deepsea Bollsta for $480m

Northern Ocean Ltd. (NOL) announced its subsidiary has agreed to sell the Deepsea Bollsta rig to a subsidiary of Odfjell Drilling Ltd. for a cash settlement of $480 million. The transaction is expected to be effective on December 15, 2025, pending regulatory approval in Norway. The Deepsea Bollsta is a Moss Maritime CS60 design harsh environment semisubmersible, currently under a long-term contract with Equinor on the Norwegian Continental Shelf.

NOL states that the successful completion of this sale will enable it to refinance its balance sheet and materially improve capital efficiency. This move is also intended to position the company to begin returning capital to shareholders, reflecting a commitment to delivering sustained shareholder value.

Arne Jacobsen, chief executive of NOL, commented that the sale marks a significant strategic milestone, unlocking substantial value from the company's high-quality assets. The transaction is considered inside information under the EU Market Abuse Regulation.