Contract for third deepwater semi-sub
Posted: 26 September 2005
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SeaDrill has signed a final contract with Daewoo Shipbuilding in Korea for the construction of an ultra-deep water harsh environment semi-submersible drilling rig of design GVA 7500-N.
The semi-submersible, which will be capable of operating in the most extreme weather and water depth drilling areas, will be delivered in February 2008. The contract price is $496.5 million and is based on a full turnkey delivery including an extensive testing programme, 7,500 ft. of riser a 15k BOP and a full mooring system. The rig will have a soft payment schedule with 3 x 10 per cent payment under the construction period and 70 per cent by delivery.
SeaDrill has received two optional contracts for the delivery of similar units in June 2008 and first half 2009. These options are declarable in two and eight months time and have a fixed contract price of $486 million.
SeaDrill has, since it was established in May 2005, gathered an offshore fleet of 12 units including three ultra-deep water semi-submersibles. In addition, the company has received fixed price options for one jack-up and three semi-submersibles declarable during the next year. The option package, with total value of $1500 million, represents significant additional value.
SeaDrill will, based on an exercise of the three optional semi-submersibles have a fleet of six ultra-deep semi-submersibles plus be the owner of 25 per cent of Ocean Rig which owns another two ultra-deep water units. Through such a position SeaDrill will have the second largest purpose built ultra-deep water fleet in the world and by far the most modern one.
Posted by Editor Pipeline Magazine
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