Odfjell to Take Delivery of 'Deepsea Aberdeen' Rig by November

Norway's Odfjell Drilling reported Friday that, following the water ingress incident at the DSME yard in South Korea December 28, a revised time scheduled for the recovery and project finalization for the 'Deepsea Aberdeen' newbuild project has been established. Odfjell will now take delivery of the rig in October/November 2014 with the objective to begin drilling operations during the first quarter of 2015.

Odfjell added that as a consequence of this new schedule, the project cost is estimated to increase by $10 million.

The firm also reported its results Friday. These showed that operating revenue for 2013 was $1,174 million compared to $1,094 million in 2012, while the firm's profit margin (at the EBITDA level) increased from 30 percent to 33 percent.

"We are satisfied with the company's development in 2013 and will continue our efforts to further improve efficiency and performance in our services and operations," Odfjell CEO Simen Lieungh said in a company statement.


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