John Fredriksen-backed owner SFL Corporation has secured a new drilling assignment for its semisubmersible rig Hercules, lining up a contract worth about $170m offshore Canada.

The US- and Oslo-listed company said the deal is with a large investment-grade multinational oil and gas company and covers a minimum term of 400 days.

The harsh-environment unit is currently in Norway and will be prepared for mobilisation to Canada later this year.

SFL chief executive Ole Hjertaker said the contract places the unit back in a region where it has a long operating track record and reflects steady demand for deepwater, harsh-environment rigs later in the decade.

The campaign is expected to begin in the first quarter of 2027. Norwegian contractor Odfjell Drilling will continue to manage the rig on SFL’s behalf.