Seadrill Inks Turnkey Construction Contract for New Harsh Environment Semi-Submersible Drill Rig

Seadrill has signed a turnkey agreement with Hyundai Samho Shipyard to build a new semi-submersible drill rig that can withstand harsh environmental conditions. This new drill is a sister drill rig of the harsh environment semi-submersible unit, which is being currently constructed at Jurang Shipyard in Singapore by North Atlantic Drilling, a subsidiary of Seadrill.

A Moss CS60 design is featured in this new drill rig, which is winterized completely to satisfy the challenging and harsh weather circumstances in the North Atlantic regions. The new rig will possess premium ultra deepwater potential, including depth of water for up to 10,000 ft. The new drill rig may be delivered during Q4 of 2014.

The project expenses is calculated to be below US$650 million, which also includes a turn key yard contract together with a back-end loaded payment structure. Previously, the company has obtained charter interest in the firm. It is looking forward that the option will be executed, based on the strong demand.

The construction program of the company has 18 units, which comprise two harsh environment semi-submersibles, five jack ups and five tender drill rigs and six drill ships. North Atlantic Drilling, a 74% owned subsidiary of Seadrill, has received an option for a period of six months to purchase the construction contract at original terms along with the reimbursement for accrued expense.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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