Northern Ocean has announced the signing of a contract with a subsidiary of Rhino Resources for the Deepsea Mira, commencing operations in Namibia in mid-July 2025. The contract includes one firm well for Rhino, one firm well for another operator, and three optional wells, with an estimated firm duration of 112 days and a projected value of approximately USD 40 million. The contract will increase NOL’s firm backlog to approximately USD 395 to 412 million.

Throughout this process, NOL is proud to have collaborated with Rhino and Halliburton Company two companies that have demonstrated strong commitment and execution capabilities in Namibia, with a high level of local content.

Travis Smithard, CEO of Rhino, commented: “We are pleased to partner with Northern Ocean and utilize the Deepsea Mira rig for the drilling of the Volans-1X exploration well – the third successive well to be drilled on PEL85 by Rhino and its partners NAMCOR, Korres Investments, and Azule Energy. We look forward to collaborating with our service company partners, Northern Ocean, Exceed, and Halliburton, to ensure the safe and successful execution of this exciting exploration well. 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.”

Antoine Berel, VP in Halliburton for Sub-Saharan Africa, commented: “We are excited to collaborate with Rhino and NOL and Odfjell Drilling to support the upcoming campaign, as we share the same value and commitment toward Namibia’s in-country value development and capacity building.”

Arne Jacobsen, Chief Executive Officer of NOL, commented: “This agreement will ensure Deepsea Mira continues its operations in Namibia, following its successful campaign with Total. It also serves as a testament to the substantial local content NOL has built over time – an effort strongly supported by the Namibian government. Most notably, NOL together with its operator Odfjell Drilling Ltd., remains the only drilling contractor with ongoing operations and a continuous presence in Namibia over the past two years.”