The semi-submersible drilling rig Hercules, owned by SFL Corporation, is currently warm-stacked in Norway and can be mobilized on relatively short notice. The rig has been idle since late 2024 after completing long work programs in Namibia and Canada.

Rig Specifications and Status

The Hercules is a sixth-generation GVA 7500 design delivered in 2008. It is a specialized deepwater drilling rig suited for harsh marine and weather environments. SFL Corporation is currently spending approximately $60,000 per day to maintain the rig in a warm-stacked, ready state in Norway.

Market Outlook and Employment Strategy

SFL remains optimistic about securing new employment for the rig but acknowledges that providing specific timing guidance is difficult at this stage. The company is actively seeking opportunities for the rig to return to work and generate positive cash flow.

Operational Capabilities and Target Regions

The rig is equipped to drill during the winter season in the Northern Hemisphere, targeting regions including Norway, the UK, and Canada, as well as certain areas in southern Africa such as Namibia and potentially South Africa.

Contract and Upgrade Strategy

SFL is pursuing a variety of work opportunities, including well intervention and exploration drilling. Furthermore, in 2023, following the rig's return, SFL performed upgrades to make the Hercules feasible for development drilling, which offers the potential for longer-term contracts.

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