SDRL - Seadrill Limited announces order of a new harsh environment semi-submersible drilling rig
(Thomson Reuters ONE) -
Hamilton, Bermuda, May 4, 2012 - To benefit from the current strong demand for
high specification drilling units Seadrill is pleased to announce that it has
entered into a turnkey construction contract with Hyundai Samho Shipyard for the
construction of a new harsh environment semi-submersible drilling rig. The new
rig will be a sister rig of the harsh environment semi-submersible unit
Seadrill's subsidiary North Atlantic Drilling currently have under construction
at Jurong Shipyard in Singapore.
The new rig will be of a Moss CS60 design, N class compliant and be fully
winterized to meet the harsh and demanding weather conditions in the North
Atlantic areas. In addition, the new rig will have premium ultra deepwater
capabilities including water depth of up to 10,000 feet. The new rig is
scheduled for delivery in the fourth quarter 2014.
Total estimated project costs is less than US$650 million including a turn key
yard contract with a back-end loaded payment structure. In addition, Seadrill
has agreed a fixed price option for one further unit from the yard. Seadrill has
already received charter interest in the firm unit. With the strong demand
Seadrill feels it is likely that the option will be exercised. However, a final
decision will not be taken before August 2012.
Seadrill's construction program now totals 18 units, including 6 drillships, 2
harsh environment semi-submersibles, 5 tender rigs and 5 jack ups. In addition
to the rigs under construction, Seadrill also controls several fixed price
options at various yards.
Seadrill's 74 percent-owned subsidiary North Atlantic Drilling Ltd. has been
granted a 6 months option to acquire the construction contract at original terms
plus compensation for accrued cost. North Atlantic Drilling's exercise of the
option is subject to securing an acceptable long-term contract for the unit in
an area applicable to North Atlantic Drilling.
Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS says in a
comment: "Based on the enquiries we receive from the major oil and gas companies
and the current high oil prices, we are comfortable that the aggregate demand
for modern floaters will exceed the supply of available units for several years
to come. We are pleased that the good relationships Seadrill and the Fredriksen
group have with the top quality yards have allowed us to get access to
attractive delivery slots at competitive terms. With an expected strong cash
flow from our solid contract backlog we are well positioned to secure attractive
financing for our new building program. As a result we remain positive to the
prospects of continuing to show higher growth and deliver better operational and
financial performance than our peers in an industry that looks very attractive
for the years to come."
Contact
Alf C Thorkildsen
Chief Executive Officer
Seadrill Management AS
+47 51 30 99 19
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Limited via Thomson Reuters ONE
[HUG#1608905]
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Datum: 04.05.2012 - 07:03 Uhr
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