Odfjell Drilling exiting loss-making drillship venture

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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