What Island Drilling does

Island Drilling Company AS is a privately held Norwegian offshore drilling contractor founded in 2006 and headquartered in Sandsli (Bergen), Norway. The company owns and operates a single core asset: the Island Innovator, a 6th generation GM4000 WI Enhanced semi-submersible drilling unit delivered in 2012 by Cosco Zhoushan Shipyard. The rig is purpose-built for harsh environment drilling, well intervention, and permanent plug and abandonment (P&A) operations in water depths from 60m to 1,200m, with station keeping via 8-line mooring or DP3 dynamic positioning. Equipped with NOV 4000 HP ram-rig type cylinder drilling equipment, a NOV 165-ton active heave compensated crane, and a Cameron five-ram BOP stack, the unit maintains a regularity record exceeding 99% available rig for customer.

The company generates revenue through long-term, negotiated enterprise contracts with oil and gas operators, primarily on the Norwegian Continental Shelf but also internationally. Its largest contract is a USD 330 million three-year firm PP&A agreement with Equinor (commenced March 2026, plus five one-year options) covering nine NCS licenses including Heidrun, Snorre, Norne, and Åsgard. The customer base historically includes Equinor, Tullow Oil, Trident Energy, Repsol, and Dana Petroleum, with operations spanning the North Sea, Norwegian Sea, Barents Sea, Mediterranean, and West Africa. Pricing is contract-based and not publicly disclosed; typical agreements include mobilization, integrated services, and modifications. The company maintains ISO 9001, 14001, 45001, and 50001 certifications plus Achilles Oil Gas Europe Gold pre-qualification.

Island Drilling is privately owned by three industry veterans: Morten Ulstein (Chairman, founder of Island Offshore), Trond Mohn (Norwegian businessman), and Gary J. Chouest (CEO of Offshore Service Vessels LLC). The company employs 51-100 staff with offices in Bergen (HQ), Stavanger, Ulsteinvik, and Aberdeen, and is expanding headcount by 90-115 personnel for the Equinor contract. Its strategic focus is industrializing P&A operations, with management explicitly stating ambition to become a world leader in plug and abandonment.

Name

Island Drilling

Legal name

Island Drilling Company AS

Website

https://islanddrilling.no

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Island Drilling is a Norwegian offshore drilling contractor that owns and operates the Island Innovator, a purpose-built semi-submersible rig providing drilling, well intervention, and plug and abandonment services to oil and gas operators, primarily Equinor on the Norwegian Continental Shelf.

Ownership category

akta.pro rank

Product category

Offshore Drilling Services

NAICS

Drilling Oil and Gas Wells (213111)

SIC

Drilling Oil & Gas Wells (1381)

akta.pro primary industry

Drilling & Workover Rigs (Land & Offshore) (EUALABAA)

Keywords

• Offshore drilling services
• Well intervention operations
• Plug and abandonment
• Semi-submersible drilling
• Harsh environment drilling

Headquarters

HQ city

Ulsteinvik

HQ country

Norway

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Offshore Drilling and P&A Contract Services: Island Drilling generates revenue through long-term drilling and permanent plug & abandonment (P&A) contracts with oil and gas operators. Contracts are typically multi-year (3 years firm plus options) and include mobilization, integrated services, and modifications. The company was awarded a USD 330 million contract from Equinor for the firm 3-year period (plus five 1-year options).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Island Drilling operates as a specialized offshore drilling contractor providing drilling, heavy well intervention, and permanent plug & abandonment (P&A) services through its single core asset, the Island Innovator semi-submersible drilling unit. The sixth-generation GM4000 WI Enhanced rig is purpose-built and optimized for harsh-environment operations in water depths from 60m to 1,200m across the North Sea, Norwegian Continental Shelf, Mediterranean, and West Africa. Services are delivered through multi-year, negotiated contracts with international oil and gas operators.

Product overview

Island Drilling operates as a specialized offshore drilling contractor with a single core asset: the Island Innovator semi-submersible drilling unit. The company provides drilling, well intervention, and permanent plug and abandonment (P&A) services primarily in the North Sea, Norwegian Continental Shelf, and international waters. The Island Innovator is a sixth-generation GM4000 semi-submersible rig designed for harsh environment operations, capable of drilling, well intervention, and P&A work in water depths from 60m to 1200m.

Differentiator

Problem solved

Functional benefit

Products and services

• Island Innovator The Island Innovator is a fully equipped sixth-generation semi-submersible drilling unit (GM4000 WI Enhanced design) owned and operated by Island Drilling. It is purpose-built and optimized for drilling, heavy well intervention, and permanent plug & abandonment (P&A) operations in harsh offshore environments, including the North Sea, Norwegian Sea, and Barents Sea, in water depths from 60m to 1,200m. It is equipped with a NOV 4000 HP ram-rig, NOV 165-ton active heave compensated crane, DP3 dynamic positioning with 6 thrusters, and a Cameron five-ram BOP stack. The rig is delivered to oil and gas operators under multi-year enterprise contracts for offshore drilling and P&A campaigns.

Quantifiable outcome

• >99% regularity — Island Innovator maintains regularity in excess of 99% available rig for customer
• +4 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• NOV (National Oilwell Varco)coreTechnology or IntegrationNOV is a key technology partner providing critical equipment for Island Innovator including the 4000 HP ram-rig type cylinder rig, hydraulic active heave compensation system, 165 ton active heave compensated crane, and BOP handling system.
• CameroncoreTechnology or IntegrationCameron supplies the five-ram BOP stack for the Island Innovator. Cameron is a major subsea equipment supplier.
• Island OffshorecoreStrategic or Co-development PartnerIsland Drilling was established in 2006 by industry veterans and Island Offshore, the leading global player in well intervention. Island Offshore was the founding investor and parent, with the original intent to complement the fleet of light well intervention vessels with special purpose semi-submersible rigs.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Noble Corporation: Global offshore drilling contractor operating floaters and jackups across harsh and benign environments following the 2025 merger with Diamond Offshore. Comparable as a competing harsh-environment semi-submersible operator with global scale, though with a much more diversified rig portfolio.
• Seadrill: Major global offshore drilling contractor operating a fleet of floaters including semi-submersibles and drillships across harsh and benign environments. Comparable as a competing harsh-environment semi-submersible operator with global reach, though Seadrill serves a much broader and more diversified customer base than Island Drilling's NCS-focused single-rig operation.
• Transocean: World's largest offshore drilling contractor operating a global fleet of ultra-deepwater drillships and harsh-environment semi-submersibles. Comparable as a competing harsh-environment semi-submersible operator with global scale and customer relationships, though primarily focused on deepwater drilling rather than Island Drilling's P&A niche.
• Valaris Limited: Large global offshore drilling contractor operating floaters, jackups, and managed pressure drilling rigs across diverse geographies. Comparable as a competing semi-submersible operator with broad geographic and customer reach, though significantly larger and more diversified than Island Drilling's single-rig operation.
• Saipem: Integrated oilfield services company providing drilling (including the Saipem 10000 and Scarabeo series semi-submersibles), engineering, and construction services for offshore oil and gas projects. Comparable as a competing harsh-environment semi-submersible drilling operator (one Island Drilling rig manager previously worked at Saipem), though Saipem is significantly larger and more diversified.

Direct peers

• Northern Ocean: Norwegian offshore drilling contractor operating harsh-environment semi-submersibles (Deepsea Nord, Deepsea Bollsta) for North Sea and Norwegian operations. Directly comparable as a specialized harsh-environment semi-submersible operator with similar customer base and geographic focus on the NCS.
• Stena Drilling: UK-based offshore drilling contractor operating harsh-environment semi-submersibles including the Stena Spey, Stena Don, and Stena Forth. Directly comparable as a harsh-environment semi-submersible operator focused on the North Sea and Norwegian markets with similar target customers.
• Odfjell Drilling: Norwegian-based offshore drilling contractor operating harsh-environment semi-submersibles on the Norwegian Continental Shelf and internationally. Directly comparable as a Norwegian-headquartered harsh-environment drilling contractor with overlapping customer base (Equinor, NCS operators). Several Island Drilling managers, including the CEO, came from Odfjell Drilling.
• Dolphin Drilling: Norwegian offshore drilling contractor operating semi-submersible drilling rigs (Dolphin Drilling's Blackford Dolphin, Borgland Dolphin) primarily for harsh-environment operations on the NCS and internationally. Directly comparable as a Norwegian-based harsh-environment semi-submersible operator serving similar oil and gas operator customers.

Others

• Island Offshore: Norwegian offshore vessel owner-operator specializing in light well intervention vessels and OSV services, founded by Island Drilling Chairman Morten Ulstein. Comparable as a sister entity with deep operational and ownership links to Island Drilling, though focused on the light well intervention vessel segment rather than semi-submersible drilling and P&A.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/island-drilling-company-asa

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

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 Island Drilling