A Sonda de perfuração Deepsea Metro I foi vendida por $262.5 milhões

Deepsea Metro I Drilling Rig Sold for $262.5 Million

Written by Paulo Nogueira

Published on 24/10/2018 at 10:40

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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.

Deepsea Metro I Drilling Rig Sold for $262.5 Million

A Golden Close Maritime Corp. Announced [Tuesday] The Sale Of Its Only Drilling Platform, The Deepsea Metro I, To An Asian Buyer

Drilling Values Are Moving Higher

Another Rig Taken Off The International Market

More Buyers To Seek Competitiveness With The Locking Of Low Asset Values

The Soviet Union spent 22 years drilling into the Earth’s crust and reached a depth of 12,262 meters — they found water where it was thought impossible, hydrogen bubbling from the rock, granite that is 2.7 billion years old, and temperatures of 180 degrees that melted the drill bits.

Gaddafi built the world’s largest artificial river under the Sahara — it’s 4,000 km of giant pipes that pump 40,000-year-old fossil water to entire cities in Libya.

Discovery in Africa scares even scientists: a study published on April 23 reveals that the crust in Turkana has become so thin that it could pave the way for the continent’s division and the emergence of an ocean in the future, in a gigantic geological transformation.

A German architect built a cylindrical house in 1994 that rotates to follow the sun throughout the day, generates 5 times more energy than it consumes, and was the world’s first energy-positive house.

A company that drilled for oil has drilled 4.8 kilometers of rock in Utah and found a never-ending heat of 290 degrees — now it is building the world’s first next-generation commercial geothermal power plant, with 100 MW connected to the grid in June 2026.

Brazil spent R$ 1.9 billion on a giant bridge to Paraguay, and it is already finished, but no one can use it properly because the access points are not ready, and traffic remains blocked months later.

The reactors of the aircraft carrier Gerald R. Ford produce 600 megawatts and could power an entire city.

As if a faucet had been opened in the ocean, warm water begins to reach Antarctica, breaks through the natural protection of the ice shelves, and intrigues scientists about the upcoming impacts on the global climate.

Brazil enters the era of engineered wood buildings alongside Canada, Sweden, Austria, and Norway, betting on a technology that promises faster construction, fewer emissions, and fire resistance that challenges concrete and steel.

War in Iran causes China to sell solar panels like never before, pushing 68 gigawatts to the world in just one month, while Middle Eastern oil becomes a global headache for suppliers desperate for alternatives.

Deepsea Metro I Drilling Rig Sold for $262.5 Million

A Golden Close Maritime Corp. Announced [Tuesday] The Sale Of Its Only Drilling Platform, The Deepsea Metro I, To An Asian Buyer

Drilling Values Are Moving Higher

Another Rig Taken Off The International Market

More Buyers To Seek Competitiveness With The Locking Of Low Asset Values

The Soviet Union spent 22 years drilling into the Earth’s crust and reached a depth of 12,262 meters — they found water where it was thought impossible, hydrogen bubbling from the rock, granite that is 2.7 billion years old, and temperatures of 180 degrees that melted the drill bits.

Gaddafi built the world’s largest artificial river under the Sahara — it’s 4,000 km of giant pipes that pump 40,000-year-old fossil water to entire cities in Libya.

Discovery in Africa scares even scientists: a study published on April 23 reveals that the crust in Turkana has become so thin that it could pave the way for the continent’s division and the emergence of an ocean in the future, in a gigantic geological transformation.

A German architect built a cylindrical house in 1994 that rotates to follow the sun throughout the day, generates 5 times more energy than it consumes, and was the world’s first energy-positive house.

A company that drilled for oil has drilled 4.8 kilometers of rock in Utah and found a never-ending heat of 290 degrees — now it is building the world’s first next-generation commercial geothermal power plant, with 100 MW connected to the grid in June 2026.

Brazil spent R$ 1.9 billion on a giant bridge to Paraguay, and it is already finished, but no one can use it properly because the access points are not ready, and traffic remains blocked months later.

Civil Defense issued a storm alert with risk of flooding in Santa Catarina, and intense rain may hit the state between Tuesday and Wednesday with wind gusts and hail.

Climate records from trees, corals, sediments, and caves show that the current warming is the only one in the last 2,000 years to affect the entire planet at the same time and advance faster than any natural change ever recorded, something that did not occur even during the Medieval Warm Period.

The planet registered 420 water conflicts in 2024, the highest number ever documented, and the dispute over rivers like the Nile, Colorado, Tigris, Euphrates, Indus, and Mekong exposes a race for dams that downstream countries already see as a threat of hydrological war.

The reactors of the aircraft carrier Gerald R. Ford produce 600 megawatts and could power an entire city.

As if a faucet had been opened in the ocean, warm water begins to reach Antarctica, breaks through the natural protection of the ice shelves, and intrigues scientists about the upcoming impacts on the global climate.

Brazil enters the era of engineered wood buildings alongside Canada, Sweden, Austria, and Norway, betting on a technology that promises faster construction, fewer emissions, and fire resistance that challenges concrete and steel.

War in Iran causes China to sell solar panels like never before, pushing 68 gigawatts to the world in just one month, while Middle Eastern oil becomes a global headache for suppliers desperate for alternatives.