Odfjell Inks Management Deal for Semisub

- Odfjell Inks Management Deal for Semisub

Monday, August 29, 2011
Odfjell Drilling AS

Odfjell Drilling has signed a management agreement for the semisubmersible drilling rig Island Innovator owned by Marine Accurate Well ASA – Maracc (OTC MARA). The rig will be ready for operations in Norway 4Q 2012.

Odfjell Drilling CEO Simen Lieungh stated, "We are very pleased to announce this management agreement with Marine Accurate Well
ASA for the Island Innovator. The expansion of the Odfjell Drilling management portfolio is a part of the company growth strategy, and we will actively tender the rig both in Norway and Internationally. The Island Innovator is a drilling and intervention rig perfect for
operations at the NCS among others. We are looking forward to a prosperous and successful collaboration with Marine Accurate Well ASA."

Odfjell Drilling will be responsible for management including crew, quality systems and technical operation. The co-operation will start immediately and Odfjell Drilling will commence mobilization of personnel and crew into the project and the operation.

The rig is currently under completion at Cosco in China. The rig will be ready for operations in Norway 4Q 2012.

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Odfjell, Ross to Merge Companies

- Odfjell, Ross to Merge Companies

Thursday, July 14, 2011
Odfjell Drilling AS

Odfjell announced the merger between Odfjell Well Management (OWM) and Ross Offshore (RO). Ross Offshore acquires the two Odfjell Drilling companies Odfjell Well Management AS and Odfjell Well Management Consultants AS. The name of the combined company will be Ross Offshore.

The combination of Odfjell Well Management and Ross Offshore will provide clients with a spectrum of services from qualified professionals to assuming the role as the "in-house" drilling and well department. The services of total well management comprise planning, operations, logistics, project-management, cost control, HSE, authority applications and marine management. With this broad service offering, Ross Offshore will be well positioned to serve its clients with the complete value chain.

Drilling activity on the NCS is expected to increase significantly over the next 3-4 years, which supports a strong underlying growth in the well management and the consultancy outsourcing market. Further, there is a growing focus on Carbon Capturing and Storage. The range of growth opportunities in the coming strong market is large, and Ross Offshore has now secured a good position to capture on these opportunities.

Peder Sortland, currently the CEO of Subsea Technology Group (STG) and also in his capacity as the designated CEO of the combined business, expresses satisfaction that the owners of the two companies have agreed to join forces based on sound industrial logic. The merger is strongly supported by the management of RO and OWM as well as STG.

Furthermore, Bjornar Iversen, Executive Vice President of Business Development in Odfjell Drilling, expressed, "By joining forces, this merger will create a focused company positioned to be a leading provider of well management and subsurface competence in Norway with international potential. This enhanced platform will enable us to better serve the needs of our jointed customers and provide them with existing capabilities, a more complete service offering and a broader resource base."

Post the transaction, STG and Odfjell Drilling will, through a joint holding company control approximately 40% each of the combined business whilst the balance will be held by minority shareholders. Prior to this transaction Ross Offshore has been owned 69% by STG. STG is again predominantly owned by the oil and gas specialist private equity investor HitecVision. OWM and its subsidiary OWMC have been owned by Odfjell Drilling Technology Ltd.

The combined business will have revenue of approximately NOK 530 million, and close to 200 employees and consultants. The head office of the combined business will be in Stavanger. The purchase price is not disclosed. The transaction is subject to customary approval by the Norwegian Competition Authority. Expected closing of the transaction is medio August.

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Deep Sea Takes Delivery of Odfjell Drillship

- Deep Sea Takes Delivery of Odfjell Drillship

Wednesday, June 22, 2011
Odfjell Drilling AS

Deep Sea Metro Ltd. has taken delivery of the drillship Deepsea Metro I from Hyundai Heavy Industries (HHI).

Chairman of Odfjell Offshore Ltd. Simen Lieungh stated, "Delivery has been according to plan. The collaboration with the yard has been excellent and we acknowledge their great effort. With the delivery of this state of the art vessel, we are now looking forward to the operations ahead with BG Group and Woodside Energy."

The vessel is a highly efficient, state-of-the-art 6th generation drillship. It is equipped with the latest technology and with focus on zero discharge and other green rig features.

Deepsea Metro I is the first of two ultra deepwater drillships ordered by Deep Sea Metro Ltd. The second vessel Deepsea Metro II is scheduled for delivery from HHI end of November 2011. Deepsea Metro II has a contract with Petrobras.

The Metrostar Group retains 60 percent ownership in Deepsea Metro I & II and Odfjell Offshore Ltd. has a 40 percent ownership. Odfjell Drilling is responsible for the construction follow-up, management and operation of the vessels.

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Odfjell Drilling Cements Deal for Drillship Deepsea Metro I

Odfjell Drilling Cements Deal for Drillship Deepsea Metro I

Tuesday, April 26, 2011
Odfjell Drilling AS

Odfjell Drilling has on behalf of Deep Sea Metro secured a contract with the BG Group for its first drillship; the Deepsea Metro I.

The contract with BG Group has a firm duration of 365 days with 3x6 months options and a contract value of approximately 175 million USD including mobilization and net taxes, excluding options.

CEO of Odfjell Drilling Mr. Simen Lieungh said, "We are delighted that Deepsea Metro I has been chosen by the BG Group for this drilling campaign in Tanzania. We believe that the award of the contract to Deepsea Metro I by BG Group is a validation of Odfjell Drilling’s proven deepwater capabilities and ability to take a new build from yard straight into operations."

On behalf of Deepsea Metro Ltd, Odfjell Drilling will be manager and operate Deepsea Metro I.

Deepsea Metro I is scheduled for delivery from Hyundai Heavy Industries (HHI) early June 2011. The first well is assigned to Woodside Energy for one well in South Korea prior to start of operations in Tanzania.

Deepsea Metro I is the first of two ultra deepwater drillships. Deepsea Metro II will be delivered from HHI in November 2011.