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A Golden Close Maritime Corp. Announced [Tuesday] The Sale Of Its Only Drilling Platform, The Deepsea Metro I, To An Asian Buyer
The drilling ship, built in 2011 by Hyundai Heavy Industries and managed by Odfjell Drilling, has not operated in Malaysia since 2017, after seeing its most recent contract in disputed waters off Vietnam interrupted due to force majeure. Since then, the rig has been one of the main candidates for transactions.
Although the buyer is not confirmed, it is likely to be Turkish Petroleum (TPAO). TPAO acquired the sister equipment of Deepsea Metro I, Deepsea Metro II, (now called Fatih) in November 2017.
Drilling Values Are Moving Higher
Bassoe Analytics shows a value range of US $ 222 million to US $ 246 million for the Deepsea Metro I compared to the acquisition price of US $ 262.5 million.
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In an update last week, values for modern drillships in ultra-deep waters (sixth and seventh generation) increased by more (approximately) 5%. This upward movement is primarily based on sentiments regarding current utilization trends and exchange rates. And we expect transactions in the near future to be at this level or higher.
Although this deal is an example of a state entity developing its own offshore activities and wanting to operate its own offshore platforms – TPAO seems interested in timing the market correctly.
Considering that the rig is likely well-maintained and will be operated by the owner (assuming TPAO is the buyer), we believe the sale price is fair, if slightly more favorable to the seller today. But over time, this deal may look great for the buyer.
For reference, Bassoe Analytics values new and more specific seventh-generation drillships in the fleet at US $ 329–364 million. At the other end of the segment, most sixth-generation drillships have risen to around US $ 215-238 million.
Another Rig Taken Off The International Market
As the platform is unlikely to continue competing in the international ultra-deepwater market, the transaction can be seen as positive for other drillship owners. The price level also provides real support to values for similar assets.
More Buyers To Seek Competitiveness With The Locking Of Low Asset Values
There isn’t much to say about the drilling market right now. It’s a bit better than one or two years ago, but utilization (slightly above 50%) and new daily device rates remain stalled. Most new contracts are in the range of US $ 140,000 to US $ 200,000, depending on the region and asset.
But there is a growing number of equipment owners and investors who agree with us that the market will experience significantly higher utilization, which could cause daily rates to double. The problem is that no one is sure when this will happen.
Some companies, such as Northern Drilling, have tried to take advantage of low rig values and reduced the market return to greatness. If this happens within a reasonable timeframe, they will generate strong cash flows. This is what drives values now and we hope this continues.
With several other ultra-deepwater drillers in play now (Bolette Dolphin and Pacific Zonda, among others), look for more benchmarks to come.
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