en.Wedoany.com Reported - Northern Ocean Ltd.'s Deepsea Mira drilling rig has completed its contract operations with Shell, generating approximately $31 million in revenue from the contract extension. This revenue will be recognized in the second quarter of 2026, with operating costs continuing to align with expectations.

The Deepsea Mira drilling rig commenced its contract with Shell on April 4, 2026, and completed operations with the British energy giant on July 2, 2026, earning revenue at the contractual day rate up to the completion date. European energy company Shell did not exercise the option for a second well, and the rig is being mobilized to Walvis Bay for planned upgrades and modifications in preparation for future semi-submersible operations.

The rig owner continues to actively market and bid for opportunities related to the semi-submersible rig and is encouraged by the current demand for harsh-environment drilling capabilities. Based on current demand forecasts, the company believes Deepsea Mira is well-positioned to secure additional work in the second half of 2026.

Managed by Odfjell Drilling, the Deepsea Mira drilling rig is a sixth-generation enhanced and extended CS 60 E harsh-environment semi-submersible design. This mobile offshore drilling unit, delivered by Hyundai Heavy Industries, is capable of operating in water depths of up to 3,000 meters. The rig has an operational history in Namibia, including assignments with TotalEnergies and Rhino Resources.