Seadrill in $380 Million China Oil Project
Bermuda-based Seadrill has entered into an agreement for the construction of two jack-up drilling rigs with Dalian Shipbuilding Industry Offshore Co., Ltd (DSIC) in China. The new units are scheduled for delivery in the fourth quarter 2012 and first quarter 2013 respectively, and total project cost is estimated at $380 million, which include project management, drilling and handling tools, spares and capitalised interest.
In addition, Seadrill has option agreements for construction of further two similar units with DSIC.
A jack-up rig is a type of mobile platform that is able to stand still on the sea floor, resting on a number of supporting legs. The most popular designs use three independent legs, although some jack-ups have four legs or more.
The two rigs ordered from Dalian represent the latest generation, high specification jack-up drilling rigs with greater capacities and capabilities than current more conventional units. The units have the capability to operate in water depths up to 400 feet and drill to depths of 30,000 feet. They also offer improved drilling efficiencies with off-line pipe handling, simultaneous operations support and increased accommodation capacity.
Alf C. Thorkildsen, chief executive officer in Seadrill Management AS, says: “We expect market and conditions for premium jack-up rigs to continue to improve. These newbuild orders position our company to meet the demand from our customers and further strengthen our position as the leading operator of modern, high quality offshore drilling units. Our jack-up rig fleet will, including the recent acquisition of Scorpion and the two recently ordered rigs from Jurong, constitutes the world largest modern jack-up fleet with a total of 18 units built after 2006.”
Seadrill is a Norwegian-Bermudian offshore drilling company with operations in Angola, Brunei, the Republic of Congo, Indonesia, Malaysia, Nigeria, Norway, Thailand and the United Kingdom. The company operates a fleet of semi-sumbersibles, jack ups, tender rigs, semi-tenders and drill ships. Domiciled in Bermuda and listed on bothe the Oslo Stock Exchange and New York Stock exchange, its operational headquarters are based in Norway. Norwegian-born oil tanker shipping tycoon John Fredrickson — who owns Bermuda-based Frontline is a major shareholder.
