Major semi-sub contracts for SBM Offshore

Three Letters Of Intent have been received by Atlantia Offshore Limited, a fully-owned subsidiary of SBM Offshore N.V., from several Brazilian drilling contractors in the wake of major drilling contracts recently awarded by Petrobras for their deep offshore development plans. Under these LOI’s, Atlantia would provide, on a lump sum turnkey basis, several newly built dynamically positioned drilling units.

The units will be built according to the GustoMSC TDS2000 design, already proven through existing drilling rigs operating worldwide. The units will be able to operate in water depths up to, either 2,000 or 2,400 metres at clients’ option, and be capable of drilling up to 7,500 metres below the seabed. They will feature state of the art drilling equipment and dynamically positioning systems.

Each unit represents a portfolio value of around $370 million for SBM turnkey sales segment. Contract award is subject to successful negotiation of terms and conditions with the respective clients, which will take place during the coming weeks.

The delivery times of the units will range from 30 to 42 months from contract award.