Odfjell Inks Deal for Joint Ownership of 2 Ultra-Deepwater Drillships

Odfjell Drilling and the Th. Angellopoulos Group, through Metro Exploration, have entered into a joint venture for the joint ownership of the two ultra-deepwater drillships to be delivered from Hyundai Heavy Industries (HHI) in South Korea in 2nd and 4th quarter 2011.

Metro Exploration will retain 60% ownership in the vessels ordered earlier this year from HHI and Odfjell Drilling will take a 40% ownership in the vessels and be responsible for the construction supervision, marketing and operation of the vessels.

"Odfjell Drilling welcomes this opportunity to expand the fleet in collaboration with MetroExploration. The acquisition is part of the company's strategy to expand its fleet, and to strengthen the position of Odfjell Drilling in the fast growing deep water markets internationally," said Odfjell Drilling CEO Ketil Lenning.

The drillships are of Gusto design, and will be equipped for operations in water depths up to 3000 meters. The vessels incorporate state of the art technology for safe and efficient operations in ultra deepwater.

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