New drillship for Seadrill

9/24/2012

Photo: Seadrill

Seadrill has opted to build yet another ultra-deepwater drillship with South Korean firm Samsung Heavy Industries, the company announced on 24 September 2012.

The newbuild, scheduled for delivery 4Q 2014, will have the same design its drillships currently under construction at Samsung. It will have a hook load capacity of 1,250 tons, a water depth capacity of 12,000 ft and will be outfitted with seven ram configuration of the blowout preventer stack and storing and handling capacity for a second.

The $600 million contract includes project management, drilling and handling tools, spares capitalized interest and operations preparations. The contract also gives Seadrill the option of building another drillship for a fixed price. Seadrill plans to fund the project with its recent $1 billion bond offering as well as its $20 billion backlog.

High demand for rigs and low shipyard prices were some of the factors Seadrill considered before pursuing its construction program.

"We have a unique environment where both daily rates and contract duration are increasing to new highs, while yard prices remain low due to the overcapacity in the shipyard industry, said Seadrill Chairman John Fredriksen. 'This presents an excellent investment opportunity under which we can continue to aggressively grow Seadrill.'

Fredriksen said the company has nine ultra-deepwater and harsh environment units up for delivery between 2013 and 2015 with options to add three additional units. The new ultra-deepwater drillship is a part of the company's goal to add 19 units to its fleet including seven drillships, two harsh environment semi-submersibles, five tender rigs and five jack-ups.

By: Audrey Leon,
aleon@oilonline.com