Seadrill orders ultra-deepwater drillship quartet

The first two drillships are firmly ordered with delivery in the first and second quarter 2013, respectively. Total project price per rig is estimated to be lower than $600 million, which includes a turnkey contract with the yard, project management, drilling and handling tools, spares, capitalised interest and operations preparations. The contract further includes a fixed price option for further two drillships to be declared during the first quarter 2011.

The dual-derrick drillships are of an improved design compared to the three previous drillships Seadrill has received from Samsung, with further enhanced capacity related to water depth, technical capabilities as well as increased accommodation capacity. The new dynamic positioning drillships will be capable of operations in water depths up to 12,000ft and with a hook load capability of 1,250 tonnes especially targeting operations in challenging areas such as the Gulf of Mexico, Brazil and West Africa. The drillships will be the first newbuilds to be outfitted with seven ram configuration of the BOP (blow out preventer) stack.

The decision to add another two ultra-deepwater newbuilds to the existing fleet is based on the continued strength of the offshore drilling market, the return that these investments are expected to deliver and the financial flexibility generated by the company’s contract backlog. The order of new drillships is considered financially superior to other alternative investments.