Ultra Drillship Wins Work Offshore Malaysia

Published at 09:43AM - 11/04/16

The Deepsea Metro 1, ultra deepwater drillship, wins work offshore Malaysia, with state oil and gas firm Petronas.

The contract will see the Odfjell Drilling operated drillship, drill one well, with options included to extend the work to a further four wells, depending on the success of the first.

Ultra Drillship Wins Work

The Deepsea Metro 1, is currently in South East Asia after completing its contract with the Russian Vietnam joint venture, Vietgazprom.

The new contract is scheduled to start towards the end of the second quarter of 2016, with the first well estimated to take around 60 – 70 days to complete.

Odfjell have added that the contract will add between US$11 -13 million of backlog to its books, but could increase to US$46 million and 245 days of employment if all options are taken.

Deepsea Metro I is owned by Golden Close Maritime Corp., a company owned by Deep Sea Metro, which is a joint venture between Metro Exploration (60%) and Odfjell Drilling (40%).

Deepsea Metro I

The Deepsea Metro I, is an ultra deepwater drillship, delivered in 2011 by Samsung Heavy Industries’, Ulsan Shipyard, South Korea.

Deepsea Metro I has the design capability to operate in a maximum water depth of 10,000 feet (3,048m) and drill to a maximum depth of 40,000 feet (12,192m).

Sister ship, the Deepsea Metro two, was recently sold, for a mere US$210 million, far below its US$860 million price tag. To see more, click here.