Northern Ocean

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

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

• Harsh-environment drilling
• Semi-submersible rigs
• Offshore drilling services
• Deepwater drilling contracts
• Oil and gas exploration drilling

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Others

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core 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

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core, major and strategic.

• ShellcoreStrategic or Co-development Partner · 11 December 2025Shell 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 DrillingcoreImplementation/ SI/ Consulting Partner · 8 July 2025Odfjell 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 ResourcescoreStrategic or Co-development Partner · 8 July 2025Rhino 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.
• HalliburtonmajorImplementation/ SI/ Consulting Partner · 8 July 2025Halliburton 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.
• ExceedmajorImplementation/ SI/ Consulting Partner · 8 July 2025Exceed provides service support for Deepsea Mira drilling operations in Namibia as part of the operational team alongside Odfjell Drilling and Halliburton.
• NAMCORmajorStrategic or Co-development Partner · 8 July 2025Namibia's national oil company and partner in PEL85 license with Rhino Resources. Collaboration enables local content and in-country value development.
• EquinorcoreStrategic or Co-development Partner · 18 November 2024Equinor 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 ControlstrategicTechnology or Integration · 15 October 2024Letter 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 or Co-development Partner · 12 September 2024Strategic 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.
• TotalEnergiescoreStrategic or Co-development Partner · 9 August 2024TotalEnergies 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

Direct 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

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Northern Ocean