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ENSCO 120 Jackup Rig Contracted to Nexen

Source: www.gulfoilandgas.com 11/14/2011, Location: Europe

Ensco plc has entered into a drilling contract for ENSCO 120, an ultra-premium harsh environment jackup rig. The initial contract is with Nexen Petroleum for their Golden Eagle Development in the Central North Sea for 10 wells with an estimated initial contract value of approximately $120 million. Contract commencement is scheduled for fourth quarter 2013 following systems integration testing and mobilization. Nexen may extend the term through 11 one-well options that would increase the contract value by an estimated $140 million.

Chairman, President and Chief Executive Officer Dan Rabun commented, “We are very pleased that Nexen has contracted ENSCO 120, which is scheduled for delivery in second quarter 2013. Nexen will receive unmatched value and increased drilling efficiencies from this extremely capable and versatile rig, as well as Ensco’s expertise and experience operating in the North Sea.”

The ENSCO 120 series of jackup rigs (ENSCO 120, ENSCO 121 and ENSCO 122) is being constructed at Keppel FELS shipyard in Singapore. The new jackup rigs will be enhanced versions of the KFELS Super A design capable of operating in water depths up to 400'. The unique design features significantly increase Ensco’s capability to provide high specification, harsh environment jackups across the North Sea.

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