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Discusses the operation of drilling ships sold to Turkey



Odfjell Drilling is in talks on a Drilling Ship Management Agreement built in 2011 by "Deepsea Metro I", which was sold to Turkish oil (TPAO) last October.

It informs rig in its annual report, which was released on Tuesday afternoon.

Odfjell Drilling sold drilling company owners in 2017, but retained an agreement to carry out the operation until the new shipowners acquired the drill in the autumn.

However, in connection with the sale, Odfjell Drilling has agreed to be the head of the drilling vessel during the preparations for departure from Labuan in Malaysia, where it has been in operation since 2017, and for the journey to the location designated by the new owner. Probably somewhere in Turkey.

Under this agreement, the Oslo company will also be equipped with a reactivation phase before the start of new drilling operations. However, it has not yet been possible to secure a drilling vessel contract.

TPAO paid $ 262.5 million, or about $ 2.3 billion, for "Deepsea Metro I" after purchasing a sister ship "Deepsea Metro II" a year ago.

It is renamed "Fatih" and is now ordered in the eastern Mediterranean to search for oil and gas.

Profit for Fredriksen

The sale of "Deepsea Metro I" gave a cash deposit to bondholders and Golden Close Maritime shareholders, the owner of the drilling ship.

Among them was Ship Ship, a shipping company owned by John Fredriksen.

According to the presentation material published in connection with the third quarter reporting of the company last year, the sale handed over an estimated cash profit of approximately $ 47 million, which is just over $ 408 million. It was then adjusted to $ 45 million.

In the fourth quarter of last year, Fredriksen generated a profit of $ 13 million, equivalent to NOK 112 million in drilling rigs.

Also read: – The deal can be fantastic for the buyer and the Turks to accumulate Norwegian ships and kits


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