Northern Ocean
- Company typePublic
- Founded2018
- HeadquartersHamilton, Bermuda
- Headcount1–10
- GTM typeB2B
- OfferingServices
Northern Ocean firmographics
Firmographics- Name
- Northern Ocean
- Legal name
- Northern Ocean Ltd.
- Website
- https://northernocean.no
- Company type
- Public
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Ownership category
- akta.pro rank
Northern Ocean industry classification
Industry- Product category
- Offshore Drilling Services
- NAICS
- Ship and Boat Building (33661)
- SIC
- Drilling Oil & Gas Wells (1381)
- akta.pro primary industry
- Drillship & Semi-submersible Rig Hull Construction (IMAJACAB)
- akta.pro secondary industry
- Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters) (EUALABAJ)
Keywords
Where Northern Ocean is headquartered
LocationHeadquarters
- HQ city
- Hamilton
- HQ country
- Bermuda
Offices2 records
Markets served
Northern Ocean business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Supply Chain, Others
Revenue model
- Offshore Drilling Contract Revenue: Day rate contracts with oil and gas exploration and production companies for use of harsh-environment semi-submersible drilling rigs. Contracts typically include firm terms plus optional extension periods. Revenue recognized based on contractual day rates during drilling operations.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Day rate contracts for harsh-environment semi-submersible drilling |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Northern Ocean product offering
Product offeringCore offering
Northern Ocean is an international offshore drilling contractor that owns and operates high-specification harsh-environment semi-submersible drilling units on multi-year day-rate contracts. Its primary asset is the Deepsea Mira, a 6th generation semi-submersible built on the Moss Maritime CS60 design with DP3 dynamic positioning, 10,000-foot water depth capacity, and full winterization for year-round operations in extreme offshore basins. The company provides drilling services to major international oil companies, national oil companies, and independent E&P operators across regions including Namibia, the Norwegian Continental Shelf, and West Africa.
Product overview
Northern Ocean is an international offshore drilling contractor offering a fleet of high-specification harsh environment semi-submersible drilling units. The company operates Deepsea Mira, a 6th generation semi-submersible built in 2018 based on the Moss Maritime CS60 design, capable of drilling in water depths up to 10,000 feet. The company previously operated Deepsea Bollsta (another Moss Maritime CS60 design harsh environment semi-submersible), which was sold in December 2025. Northern Ocean's rigs are designed for operations in extreme conditions including the North Sea, West Africa, and other harsh environment regions, with a focus on safe, efficient operations incorporating green energy technologies that reduce fuel consumption and emissions.
Differentiator
Problem solved
Functional benefit
Products and services
- Deepsea Mira Harsh-environment 6th generation semi-submersible drilling rig built on the Moss Maritime CS60 design, capable of drilling in water depths up to 10,000 feet, NCS compliant, and fully winterized for year-round operations in all harsh-environment basins. Offered under multi-year day-rate drilling contracts to major international oil companies, national oil companies, and independent E&P operators for offshore exploration, appraisal, and production drilling.
Quantifiable outcome
- Year-round operations capability with ~50% less weather downtime vs drill ships
- +2 more outcomes
Companies that use Northern Ocean
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles3 records
Northern Ocean technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Northern Ocean partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core, major and strategic.
- ShellcoreShell contracted Deepsea Mira for drilling campaign offshore Namibia commencing April 2026. Covers one firm well with optional well, estimated 45 days for firm well, backlog of approximately $16 million.
- Odfjell DrillingcoreOdfjell Drilling manages Deepsea Mira and Deepsea Bollsta semi-submersible drilling rigs. Provides operational management, drilling services, and technical expertise. The partnership combines NOL's superior assets with Odfjell Drilling's operational capabilities.
- Rhino ResourcescoreRhino Resources contracted Deepsea Mira for exploration drilling in Namibia's PEL85 Orange Basin. Contract includes firm wells and optional wells for Volans-1X and Capricornus discoveries. Rhino is African energy exploration company.
- HalliburtonmajorHalliburton provides service support for Deepsea Mira operations in Namibia. Collaboration on Volans-1X exploration well with focus on local content and in-country value development.
- ExceedmajorExceed provides service support for Deepsea Mira drilling operations in Namibia as part of the operational team alongside Odfjell Drilling and Halliburton.
- NAMCORmajorNamibia's national oil company and partner in PEL85 license with Rhino Resources. Collaboration enables local content and in-country value development.
- EquinorcoreEquinor contracted Deepsea Bollsta for work on Norwegian Continental Shelf. Firm contract of two years plus five one-year optional periods. Adds approximately $335 million firm backlog.
- Kinetic Pressure ControlstrategicLetter of Intent for outfitting Deepsea Mira and Deepsea Bollsta with K-BOS Blowout Stopper system. K-BOS secures wells in less than one second and eliminates unshearable/unsealable situations.
- Springfield GroupmajorStrategic alliance agreement in Ghana with mutual exclusivity to explore long-term field development program. Deepsea Bollsta contracted for Afina 1x well test. Ghana program precedes announced drilling contract with major operator.
- TotalEnergiescoreTotalEnergies subsidiary contracted Deepsea Mira for continued work in Africa. Contract extended multiple times adding firm wells. Extension provides $24.3-34.2 million additional revenue backlog per well.
Scale indicators9 records
Recent moves8 records
Expansion highlights5 records
Northern Ocean competitors and assessment
Company assessmentDirect peers
- Transocean Ltd. World's largest offshore drilling contractor with a fleet of ultra-deepwater and harsh-environment drillships and semi-submersibles. Directly comparable as a global offshore drilling operator serving the same IOC and major operator customer base across harsh-environment and deepwater basins. NOL's CCO was recruited from Transocean, underscoring direct talent and operational overlap.
- Odfjell Drilling: Norwegian-based harsh-environment drilling specialist that operates semi-submersible drilling rigs on the Norwegian Continental Shelf and globally. Directly comparable as it now owns the Deepsea Bollsta (purchased from NOL for $480M) and serves as Northern Ocean's operational management partner for Deepsea Mira.
- Seadrill Limited: Global offshore drilling contractor operating a fleet of harsh-environment semi-submersibles and deepwater drillships. Comparable as a peer in harsh-environment semi-submersible drilling serving IOCs globally. NOL's CFO previously served as VP and Treasurer at Seadrill Management.
- Valaris Limited: Offshore drilling contractor operating a diverse fleet of drillships, semi-submersibles, and jackups across deepwater and harsh-environment markets. Comparable as a peer in offshore drilling services to major oil companies across geographies including West Africa and Norway.
- Noble Corporation plc: Offshore drilling contractor with a fleet of drillships and semi-submersibles serving IOCs in deepwater and harsh-environment regions. Comparable as a direct peer in floating rig drilling services, including harsh-environment operations on the Norwegian Continental Shelf.
- Diamond Offshore Drilling, Inc. Offshore drilling contractor operating ultra-deepwater drillships and semi-submersibles globally. Comparable as a peer in floating rig drilling services serving IOCs in deepwater basins including West Africa and frontier exploration regions.
- Stena Drilling: Privately-held harsh-environment drilling specialist operating a fleet of semi-submersibles including Stena Drilling's harsh-environment units. Directly comparable as a privately-held peer in harsh-environment semi-submersible drilling focused on the North Sea and other harsh basins.
Broad incumbents
- Borr Drilling Limited: Jackup-focused offshore drilling contractor operating a large fleet of premium jackup rigs. Comparable as an offshore drilling peer serving the same IOC customer base, though specialized in shallow-water jackups rather than deepwater semi-submersibles.
- Shelf Drilling, Ltd. Offshore jackup drilling contractor focused on shallow-water and mid-water drilling in emerging markets. Comparable as an offshore drilling industry peer serving international and national oil companies, though differentiated by shallow-water focus versus Northern Ocean's deepwater harsh-environment positioning.
Emerging players
- Awilco Drilling plc: UK-based smaller offshore drilling contractor operating harsh-environment semi-submersibles primarily in the North Sea. Comparable as a niche peer in harsh-environment semi-submersible drilling serving similar operators, though with smaller fleet scale than Northern Ocean.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Northern Ocean financial estimates
Financial estimateRevenue estimate
Valuation estimate
Northern Ocean leadership team
Management profileNumber of profiles
Profiles10 records
Northern Ocean funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Northern Ocean M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Northern Ocean
What does Northern Ocean do?
Northern Ocean is an international offshore drilling contractor that owns and operates high-specification harsh-environment semi-submersible drilling units on multi-year day-rate contracts. Its primary asset is the Deepsea Mira, a 6th generation semi-submersible built on the Moss Maritime CS60 design with DP3 dynamic positioning, 10,000-foot water depth capacity, and full winterization for year-round operations in extreme offshore basins. The company provides drilling services to major international oil companies, national oil companies, and independent E&P operators across regions including Namibia, the Norwegian Continental Shelf, and West Africa.
Is Northern Ocean a public or private company?
Northern Ocean is a public company. It is classified as public and is currently operating.
When was Northern Ocean founded?
Northern Ocean was founded in 2018. It employs 1 to 10 people.
Where is Northern Ocean based?
Northern Ocean is headquartered in Hamilton, Bermuda.
How does Northern Ocean make money?
One revenue line is on record: offshore Drilling Contract Revenue.
Who are Northern Ocean's main competitors?
Direct peers on record are Transocean Ltd., Odfjell Drilling, Seadrill Limited, Valaris Limited, Noble Corporation plc, Diamond Offshore Drilling, Inc. and Stena Drilling. Broad incumbents are Borr Drilling Limited and Shelf Drilling, Ltd.. Awilco Drilling plc is listed as an emerging player.
Does Northern Ocean have an API?
No public API is recorded for Northern Ocean.
What industry is Northern Ocean in?
Northern Ocean's product category is Offshore Drilling Services. Its primary akta.pro industry code is IMAJACAB, Drillship & Semi-submersible Rig Hull Construction, with a secondary code of EUALABAJ, Offshore Marine & Aviation Support (PSVs, AHTS, Crew Boats, Helicopters). Its NAICS code is 33661 and its SIC code is 1381.