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.

Source: http://www.seadrill.com/

Joel Scanlon

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, content production, design, animation, database and networking, software, and editing. Joel has been with AZoNetwork since its inception in 2000.

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