Deep Sea Metro to build 2nd drillship

Deep Sea Metro Ltd. has secured a contract with Petrobras for its second drillship, the Deepsea Metro II. The contract with Petrobras has a firm duration of 3 years and is valued at an estimated USD 531 million, including part of potential bonus and mobilization fee. Deepsea Metro II will be operating in ultra deep waters offshore Brazil by the end of Q4 2011. The drillship is the second of two ultra deepwater drillships under construction by Deep Sea Metro Ltd., and is scheduled for delivery from Hyundai Heavy Industries (HHI) in November 2011. The Deepsea Metro I recently secured a deepwater drilling contract with the BG Group and is scheduled to be delivered from HHI on 31 May 2011.

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