Odfjell Drilling is exiting a joint venture that controls a drillship, the off-contract Deepsea Metro I.
The drillship is owned by Golden Close Maritime Corp (GCMC), in which Odfjell Drilling has a 40% stake and Greece’s Metro Exploration has the remainder. However, the Scandinavian firm has decided to supply GCMC with a bond loan as a way of exiting the loss-making venture.
“GCMC has faced the same financial challenges as the oil and oil service industry in general, and has been in need of a long term financial solution,” Odfjell Drilling said in a release.