Offshore drilling company Northern Ocean Ltd. (NOL) has secured a new contract worth N$740 million (US$40 million) with Rhino Resources Ltd. for the Deepsea Mira rig, with operations off the coast of Namibia set to begin in mid-July 2025.
The contract includes one firm well for Rhino Resources, another for a separate operator, and three optional wells. The firm portion is expected to last 112 days.
Rhino will use the Deepsea Mira to drill the Volans-1X exploration well on Petroleum Exploration Licence (PEL) 85.
This will be the third consecutive well drilled by Rhino and its partners – the National Petroleum Corporation of Namibia (NAMCOR), Korres Investments, and Azule Energy – on the block.
“This agreement will ensure Deepsea Mira continues its operations in Namibia, following its successful campaign with Total,” said NOL CEO Arne Jacobsen.
“It also serves as a testament to the substantial local content NOL has built over time – an effort strongly supported by the Namibian government.”
Jacobsen added that Northern Ocean, along with its operator Odfjell Drilling Ltd., remains the only drilling contractor with a continuous operational presence in Namibia over the past two years.
Rhino Resources CEO Travis Smithard said the deal reflects the company’s ongoing commitment to the country.
“We are pleased to partner with Northern Ocean and utilise the Deepsea Mira rig for the drilling of the Volans-1X exploration well,” he said.
“The strategic contracting of the Deepsea Mira, an in-country rig of opportunity with high local content, further demonstrates our commitment to Namibian upliftment and our continued investment in the development of Namibia’s upstream capabilities.”
Smithard said Rhino would be working with service providers including Northern Ocean, Exceed, and Halliburton to ensure a safe and efficient drilling campaign.
Halliburton’s Vice President for Sub-Saharan Africa, Antoine Berel, also welcomed the partnership, saying the company shared a commitment to local value creation and capacity building in Namibia.
The Deepsea Mira, a sixth-generation semi-submersible rig, is transitioning directly to the new contract after concluding a drilling programme in Namibian waters with TotalEnergies.
The project adds to the growing momentum in Namibia’s offshore oil and gas sector, which has seen increased exploration since the 2022 discoveries by TotalEnergies and Shell.
NOL said the new contract would boost its firm backlog to between US$395 million and US$412 million.
