DeepStar is an operator funded Research & Development collaboration between oil companies, vendors, regulators and academic/research institutes which started in 1991. This paper outlines DeepStar's new strategies and summarizes its organization, operation, and direction. Included in this paper are additional detail on the major historical accomplishments as well as current CORE research projects and additional Satellite projects activities. With DeepStar membership including over eight international oil and gas companies and a number of service companies that supply technologies and services to those operators. Our operators’ development focus on all of the world's deepwater and ultra-deepwater basins, it is well positioned to ensure members are focused on the right technical challenges and leveraged to produce meaningful and value-creation results.