Odfjell Drilling Forced To Sell Deepsea Drill Ship

Published at 04:57PM - 15/08/15

Odfjell Drilling has put its biggest driller, the Deepsea Metro II, up for sale, raising eyebrows in an industry that is already struggling to stay afloat.

The massive drillship is an ultra-deepwater class vessel, capable of drilling in water depths down to 10,000 feet (3050 meters).  Odfjell had planed on getting the vessel refitted to enable it to drill in depths of up to 12,000 feet (3660 meters) before the downturn.

However, the Deepsea Metro II has been without contract for almost three months, with its last for Brazilian state Petrobras ending in May. The drill ship has since been stacked in the Dutch Caribbean island of Curacao.

Both the Deepsea Metro drillships I & II are now up for sale, as the future looks bleak for the owner Chloe Marine Corporation- a joint venture between Odfjell Drilling 40% and Metro Exploration 60%.

The sister ship, the Deepsea Metro I, is currently on location in Vietnam, waiting to commence drilling for the Vietnam arm of Russia’s Gazprom, known as Vietgazprom. That contract is due to last 20 weeks, ending mid 2016.

With out any bids for either vessel, the likelihood of having two very expensive new offshore drill ships stacked, idle, each with a day rate of around US$500,000 and with no likely buyer, looms ever larger for drillers Odfjell and Metro.