The Caspian Explorer is a drilling vessel designed specifically for use in the shallow northern Caspian Sea where traditional deep-water rigs cannot be used. We believe it to be the only vessel of its type operating in the Caspian Sea.

Caspian Explorer

The Caspian Explorer was conceived of by a consortium of leading Korean companies including KNOC, Samsung and Daewoo Shipbuilding. The vessel was assembled in the Ersay shipyard in Kazakhstan between 2010 and 2011 for a construction cost believed to be approximately $170 million. The total costs after fit-out are believed to have been approximately $200 million and we believe a replacement would now cost in excess of $300 million and take several years to become operational.

In June 2021 we announced the first charter for the Caspian Explorer since it has been a part of the Group. The charter was with the North Caspian Operating Company (“NCOC”), which is the principal operator in the region, comprising the Republic of Kazakhstan working through KazMunaiGas (KMG), and international oil companies including Shell, ExxonMobil, Eni, Total and CNPC, the consortium operating the Kashagan field.

In July 2024 the Caspian Explorer commenced its first commercial drilling charter under the Group’s ownership for a consortium led by Italy’s ENI. The charter is expected to last two months and generate at least $10 million income.

Operational characteristics

  • Operates principally between May and November as the shallow Northern Caspian Sea is subject to winter ice – elsewhere it can operate all year round
  • Operates best in depths between 2.5 meters and 7.5 meters
  • Can drill to depths of 6,000 meters
  • Typically has a crew to operate the drilling vessel of 20
  • Has accommodation for approximately 100
  • Costs approximately $60,000 per month while moored in port
  • Is generally able to pass on other costs incurred while operational to the clients hiring the vessel

Operations