Deepsea Metro II

The Deepsea Metro II is a sixth generation, state-of-the-art ultra deepwater drillship. It has a Gusto P1000 design and was constructed at the Hyundai Shipyard in 2011 before being delivered late that year. The estimated cost of the ship was in the neighborhood of $860 million, with the Chloe Marine Corporation financing the build.

The Marshall Islands-flagged ship possesses a length of approximately 752 feet and a breadth of 118 feet. It has a rated water depth of 12,000 feet and a maximum drilling depth capability of 40,000 feet. The ship was designed with a more environmentally-focused approach in mind, including the concept of zero discharge.

The first job undertaken by the Deepsea Metro II, following some modifications in South Africa, was a three-year contract based in offshore Brazilian waters on behalf of that country’s domestic oil giant Petrobras. The day rate was assessed at approximately $438,000, with the total deal worth an estimated $531 million when work began on May 17, 2012.

However, just two years after that effort commenced, the onset the oil crunch that currently remains three years later began to take hold. By May 2015, the Deepsea Metro II completed its contract but quickly found no other company requesting its services. That resulted in the drillship being cold-stacked on the island of Curacao.

Just three months after its work had ended, the Deepsea Metro II was put up for sale by Chloe Marine, joining its sister ship, the Metro I. That was due to the ongoing oil crunch and the debts that the company had incurred during the original financing process. In the latter case, that consisted of amassing $400 million in bank loans and $150 million in bonds. The Deepsea Metro II was ultimately sold in March 2016 for $210 million to Chalfont Shipping.