Equinor Extends Deepsea Atlantic Through Late 2027 as Lakris Discovery Swells Norwegian Resource Base

Equinor Energy AS has exercised options for two more wells with the Deepsea Atlantic rig, pushing the firm contract with Odfjell Drilling into the late fourth quarter of 2027. The extension was booked at the original contract prices, and Odfjell confirmed the award on Friday. Equinor still holds priced options for two further wells beyond that — capacity that remains available but uncommitted, keeping firm work and potential work in separate buckets.

That distinction matters for anyone tracking the Norwegian energy major. The exercised options lengthen a binding schedule; the remaining ones are optionality, not backlog. The announcement carries no revised production guidance, and a longer rig contract on its own does not translate into an earnings contribution. It is, in short, an operational housekeeping item about securing future work.

A discovery, not yet a development

The same day brought separate news on the vessel front: Equinor Energy AS extended the firm contract for Eidesvik Offshore's Viking Avant through the end of 2027, with an option for a further extension attached.

Neither rig deal can be tied to the Lakris prospect, where Equinor and Vår Energi have found gas and condensate in the Norwegian Sea. Vår Energi operates the licence. Preliminary recoverable resources are put at 1.3–5.5 million barrels of oil equivalent — an estimate that describes a resource, not a committed future flow rate. Lakris slots into a run of exploration successes offshore Norway without, on its own, guaranteeing any matching lift in output.

Grimsnes, announced on 14 October by Equinor alongside Petoro and TotalEnergies, sits further along that path. The oil and gas find near Oseberg carries preliminary recoverable volumes of 19–50 million barrels of oil equivalent, and the partners are targeting an accelerated development using existing infrastructure. A final investment decision could land as early as next summer, with production sought within three years. Both are objectives rather than confirmed milestones — no investment call has been made.

Bay du Nord and the cost question

Bay du Nord is at a comparable stage. On 9 October, Equinor and Shell agreed that Shell would acquire a 30% interest, leaving Equinor with 70% and operatorship. The final investment decision there is scheduled for early 2027.

Snøhvit Future offers a reminder that fresh project prospects do not automatically mean predictable spending. On 7 October, Equinor raised the cost estimate on behalf of the partnership to NOK 26.5 billion in 2026 prices. The schedule held: onshore compression is slated for 2029 and electrification for 2030. Costs and timelines have therefore moved in different directions on this project — the estimate is up while the planned start-ups stand.

The next hard date

For investors, the recent flurry of releases speaks mainly to resources and operational agreements, not to the financial contribution any single discovery will make. The next fixed checkpoint is third-quarter 2026 results, which Equinor will publish on 28 October. Until then, the key split is straightforward: Lakris broadens the resource picture, while Grimsnes already carries named development targets. What settles the question is the investment decisions that follow — and how faithfully they are executed.