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

Metrostar Management Corp. through Metro Exploration and Odfjell Drilling have entered into a joint venture for the joint ownership of the two state of the art ultradeepwater drillships of Gusto design to be delivered from Hyundai Heavy Industries (HHI) in South Korea in 2nd and 4th quarter 2011. The drillships 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 4000 meters, should it be assigned for such employment. The vessels incorporate state of the art technology for safe and efficient operations in ultra deep water.