Northern Drilling (NODL) will exercise its option to buy the semi-submersible rig Bollsta Dolphin for US$400 million.
Under construction at Hyundai Heavy Industries (HHI) with an expected delivery in January 2019, the Bollsta Dolphin is one of the world's most sophisticated high-end floaters, capable of operating in harsh environment areas and in ultra-deep waters of up to 3,050 metres.
NODL has the option to take earlier delivery of the rig should favourable contracts be secured before January 2019.
NODL will make a pre-delivery instalment of US$200 million with the remaining balance due at delivery.
The company said it would continue to pursue its strategy of acquiring distressed drilling assets, including rigs for shallow and benign operations.
