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Marine Log

June 9, 2008

Seadrill adds semi-tender to Singapore fling

Last week, John Fredriksen's Seadrill was on a jack-up buying spree in Singapore.

Today, the Singapore fling continued as Seadrill announced an agreement for Keppel O&M to build a new semi-submersible self-erecting tender rig (semi-tender). Total project price for the semi-tender is estimated at US$210 million, with the contract being worth US$160 million to Keppel FELS Limited.

The new rig is scheduled for delivery in the first quarter 2011 and will be based on a similar design and specification as the semi-tender currently under construction at Keppel. The new unit is targeted for harsher environment and deepwater drilling operations in combination with floating wellhead platforms such as TLPs and Spars.

Alf C Thorkildsen, Chief Executive Officer of Seadrill Management AS says, "We are pleased to announce the addition of a new semi-tender to our existing fleet of 16 units. The tender rig business has delivered superb results both operationally as well as economically over the last decade, and based on the continued strength of the offshore drilling market we continue to see strong growth and earnings potential for this business."

Scheduled for delivery in first quarter of 2011, the drilling tender will be built to the KFELS SSDT 3600E model. The KFELS SSDT series is designed by KeppelO&M's (Keppel O&M) R&D arm, the Deepwater Technology Group.

This latest unit will join Seadrill Asia's fleet of six other KFELS SSDT rigs, built by the Keppel O&M group. Keppel FELS is presently constructing the sixth drilling tender of this fleet, West Berani II, for delivery at end 2009.

Mr Tong Chong Heong, Managing Director and Chief Operating Officer of Keppel O&M said, "Keppel has been working closely with Seadrill Asia, formerly Smedvig, to construct their highly specialized fleet of drilling tenders since 1994.

"The KFELS SSDT series of tender rigs have served our customer well and are operating successfully in the Asia Pacific and West Africa regions. We are very pleased that Seadrill Asia has affirmed our enduring partnership with this latest order. We look forward to strongly support them in building a quality fleet."

The KFELS SSDT series is designed to operate in deepwaters of up to 5,000 ft alongside Spars and Tension Leg Platforms.

The latest tender rig for Seadrill Asia will have further enhanced mooring capabilities to suit the demanding requirements of offshore South East Asia. Similar to West Berani II, it will also feature a crane capacity of 250 tonnes, four mud pumps and accommodations for 160 people.

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