Diamond M-Odeco Teams With VODL To Enter Floating Production Market

Houston-based Diamond MOdeco, one of the world's largest offshore drilling companies, plans to enter the global floating production market by forming an association with Victoria Oilfield Development Ltd., (VODL), of London.

VODL was established by Seatramp Inc., of London, last year, operator of one of the world's largest international tanker shipping groups.

After the acquisition of Odeco, Diamond M-Odeco now operates a worldwide fleet of 40 semi-submersible and jack-up rigs. Working with VODL, which has access to a 20- strong fleet of vessels totalling over 3.6 million dwt, the two companies intend to offer a global floating pro duction service providing a wide choice of tanker and semi-submersible or jack-up systems. This is the first time that a rig owner, Diamond M-Odeco, and a tanker owner, VODL, have joined forces to explore growth opportunities together.

The parent company of Diamond M-Odeco is Loews Corporation of New York. Loews possesses a 49 percent holding in Hellspont Shipping Corporation, owners of six Ultra Large Crude Carriers in the Seatramp-operated fleet.

As part of their agreement, VODL will establish offices at Diamond MOdeco's Houston headquarters, while Diamond M-Odeco personnel will spend time at VODL's London offices. The exchange of personnel and expertise will allow both companies to plan strategy for the joint pursuit of business opportunities in this expanding sector of the offshore oil industry.

Maritime Reporter Magazine, page 29, May 1992

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