Operator cuts short Deepsea Metro I drillship contract following force majeure

Following a force majeure event from late July, Golden Close Maritime Corp, the owner of the Deepsea Metro I drillship, has received a drilling contract termination from an unnamed client in South East Asia. 

The drillship is managed by Odfjel Drilling. The contract for a two-firm well campaign with options for one further well and three sidetracks had been awarded in May.

The drillship had reportedly been hired by the Spanish oil company Repsol for exploration drilling in Vietnam, in the contested waters of the South China Sea.

On July 31, 2017, GCMC informed that it had received notice of a force majeure event of the client under the contract for Deepsea Metro I in South East Asia.

On Wednesday, August 30 GCMC received a notice of termination of the contract by the client, in which it is referred to the duration of the force majeure event.

The company said it has reserved all rights under the contract and is currently in dialogue with the client regarding settlement following the termination. The vessel is currently anchored in Labuan, Malaysia and is being marketed for new assignments.

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