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Odfjell Drilling Ltd: Deepsea Metro I Secures Work in Vietnam


Odfjell Drilling has secured new employment for Deepsea Metro I 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 Q3 2015.

The contract duration is approximately 20 weeks with an estimated contract value of USD 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 mobilising for its new contract in Vietnam immediately," says Mr 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%) and Odfjell Drilling (40%). Odfjell Drilling is the manager of the vessel.

For further information, please contact:

Media contact:
Gisle Johanson, SVP Communications
Mobile: +47 414 40 050

IR contact:
Lasse H. Johannesen, VP Corporate Finance & Investor Relations
Mobile: +47 995 06 908

Hamilton, Bermuda
16 May 2015
Odfjell Drilling Ltd.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.