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October 18, 2010

Seadrill places potential $1 billion jack-up rig order at Jurong

Sembcorp Marine's subsidiary Jurong Shipyard (JSPL) has secured orders worth US$384 million from Seadrill. for two turnkey jack-up rigs with options for another four jack-up rigs. Seadrill says its total project price is estimated at US$400 million, which include project management, drilling and handling tools, spares and capitalized interest.

Sembcorp Marine says the total estimated value of the six jack-up rigs, including the four jack-up rig options is expected to surpass the US$1 billion mark.

Scheduled for delivery in the fourth quarter of 2012 and the first quarter of 2013 respectively, the rigs are the latest generation, high specification jack-up drilling rigs with greater capacities and capabilities than current conventional units.

They will be built based on the Friede & Goldman JU2000E design and will be suitable for operations world-wide, including the southern North Sea. The rigs will be capable of operating in waters of 400 feet and drilling to depths of 30,000 feet. They will also offer improved drilling efficiencies with off-line pipe handling, simultaneous operations support and are equipped with increased accommodation capacity.

These jack-up rigs will be the sixth and seventh rig orders that Seadrill has placed with the Singapore shipyard, of which two are currently under construction.

Mr. Don Lee, Senior General Manager, JSPL's Offshore Division said "We are pleased that Seadrill has again chosen to partner Jurong Shipyard in their fleet expansion strategy to be the world's largest operator of modern high specifications rigs."

Seadrill Management AS CEO Mr. Alf C Thorkildsen commented: "These newbuilds are an important supplement that complements our present jack-up fleet. The orders position us for additional growth in an increasingly important market segment that can provide further opportunities and earnings growth for Seadrill. Including the recent acquisition of Scorpion, the company's fleet of jack-ups, constitutes the world largest modern jack-up fleet with a total of 16 units built after 2006. The acquisition further strengthens our position as the leading operator of modern, high quality drilling units."


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