Downturn in drilling for Odfjell
Norway
OSLO, May 22, 2015 – Oslo-listed rig contractor Odfjell Drilling might have to rest half of its rig fleet by the end of the year after shutting down one of its drillships. A lack of new contracts and low oil prices has led to a downturn in the soft drilling market.
Odfjell Drilling has announced the shut down of its drillship Deep Sea Metro II, which is used in ultra-deepwater. The drillship completed its contract with Brazil’s national oil company, Petrobras, with a dayrate of $433,000.
With imminent ends to contracts with Statoil and BP, the future is uncertain for Odfjell’s semi-submersible rigs Deepsea Atlantic and Deepsea Stavanger.
Odjfell signed a contract worth $40 million for short-term drilling off the coast of Vietnam for its Deepsea Metro I drillship earlier in May. The contract called for a low dayrate of $286,000.
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