July 9, 2008
Odfjell takes stake in Angelopolous drillships
Norway's Odfjell Drilling has entered a joint venture with Metro Exploration (part of the Th. Angelopolous Group, whose best known operation is Athens-based Metrostar Management).
Under the joint venture arrangement, Metro Exploration retain a 60% ownership stake in two ultradeepwater drillships has on order at Hyundai Heavy Industries (HHI) in South Korea for delivery in the second and fourth quarter of 2011, while 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," says Odfjell Drilling CEO Ketil Lenning.
The drillships are of Gusto design and will be equipped for operations in water depths up to 3000 meters. However, the vessels are designed to be upgraded for operations in water depths up to 4,000 meters, should they be assigned for such employment. The vessels incorporate state of the art technology for safe and efficient operations in ultra deep water.