Deepsea Metro I Secures $40M Job from Vietgazprom to Drill Offshore Vietnam

Norway's Odfjell Drilling Ltd. disclosed Saturday that the company has secured new employment for Deepsea Metro I (UDW drillship) through signing a contract with Vietgazprom in Vietnam.

The area of operation is in Blocks 130 and 131 offshore Vietnam. Contract commencement is expected to take place mid 3Q 2015.

The contract duration is approximately 20 weeks with an estimated contract value of $40 million.

The contract also includes options for two well testing periods with an estimated duration of 90 days each.

"We are pleased to secure new employment for Deepsea Metro I in the current challenging market. Since it was delivered from yard in 2011 the drillship has provided safe, reliable and the highest quality of drilling performance for our previous clients. The rig has been unemployed since December 2014 and is currently positioned in South Africa. It will start mobilizing for its new contract in Vietnam immediately," says Simen Lieungh, CEO of Odfjell Drilling.

The ultra deepwater drillship, Deepsea Metro I, is owned by Golden Close Maritime Corp. Ltd., a company owned by Deep Sea Metro Ltd., a joint venture between Metro Exploration (60 percent) and Odfjell Drilling (40 percent). Odfjell Drilling is the manager of the vessel.


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