The New York-listed SFL Corporation Ltd. (SFL) has signed a drilling contract in Canada with a large investment grade multinational oil and gas company for the harsh environment semi-submersible rig Hercules.

SFL states that the estimated contract value is around $170m for the minimum term of 400 days.

The new signed drilling contract is expected to commence in the first quarter of 2027.

The semi-submersible rig is currently in Norway and will be prepared for mobilization to Canada later this year, with Odfjell Drilling managing the rig on behalf of SFL under the contract.

“We are very pleased to secure a new attractive contract for Hercules on the East Coast of Canada, where the rig has worked multiple times before. We see significant demand for harsh environment, deepwater capable semi-submersibles towards the end of the decade and believe this contract should position the rig attractively for prospective drilling campaigns,” says Ole B. Hjertaker, CEO of SFL Management AS.