Northern Ocean Ltd. $(NOL.AU)$ has announced a new contract with a subsidiary of Rhino Resources Ltd. for the use of the Deepsea Mira rig in Namibia. The operations are set to begin in mid-July 2025 and include one firm well for Rhino, another for a different operator, and three optional wells. The firm duration of the contract is estimated at 112 days, with a projected value of approximately USD 40 million. This contract raises NOL's firm backlog to between USD 395 and 412 million. The collaboration involves NOL, Rhino, and Halliburton, emphasizing strong local content and commitment to Namibian development. The project will focus on drilling the Volans-1X exploration well as part of Rhino's PEL85 venture.
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