Transocean Awarded Two Drillships Contracts to Sembcorp Marine

Source: www.gulfoilandgas.com 2/26/2014, Location: North America

Transocean Ltd. announced that a subsidiary has awarded contracts to Sembcorp Marine's subsidiary, Jurong Shipyard, in Singapore for construction of two new build dynamically positioned ultra-deepwater drillships. The two drillships are expected to be delivered from the shipyard in the second quarter of 2017 and the first quarter of 2018, respectively. The combined capital cost for the two drillships is estimated at approximately $1.24 billion including the shipyard contracts; project management; owner-furnished equipment; inventory and capital spares; but excluding capitalized interest. The payment terms for both rigs are very favorable to Transocean.

Additionally, Transocean has entered into an option agreement to order up to three additional drillships of the same design and specifications on similar terms. The first option must be exercised within one year, the second within 18 months, and the final within 24 months.

"These newbuild drillship orders highlight continued execution of our long-term asset strategy," said Steven L. Newman, President and Chief Executive Officer of Transocean Ltd. "We are committed to reinvesting in our fleet through the addition of differentiated, high-specification and high-return assets that will appeal to a wide spectrum of our customers. We are very pleased to partner with Sembcorp Marine's Jurong Shipyard in this effort."

The drillships will be built based on Jurong Shipyard's proprietary Jurong Espadon III design and will possess advanced capabilities for highly efficient ultra-deepwater development drilling operations worldwide. Specially designed for enhanced drilling operations with state-of-the-art drilling facilities, a large moon pool to accommodate a larger riser angle, and a hull designed for superior motion characteristics, the drillships will also feature a large deck space with an enclosed riser bay, a flexible mud system for completion operations, and Transocean's patented hybrid power system for lower emissions and improved fuel economy.

The dual-activity rigs are equipped with Dynamic Positioning Class 3 (DP-3) capabilities, and the drillships' 1,250-ton load path will enable operations in up to 12,000-foot water depths and drilling depths of up to 40,000 feet. The drillships will have accommodations for a crew of 220 personnel and will be initially outfitted with one 15,000 psi blowout preventer (BOP) with the ability to add a second BOP.


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Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


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