Transocean Announces Contract for Dhirubhai Deepwater KG2 and KG1 Contract Conversion to Five Years

Source: www.gulfoilandgas.com 4/7/2008, Location: Asia

Transocean announced that the ultra-deepwater drillship Dhirubhai Deepwater KG2 (formerly Deepwater Pacific 2), which is owned by a joint venture in which the company has 50 percent interest, has been awarded a five-year drilling contract from Reliance Industries. The contract is expected to commence in the first quarter 2010 following shipyard construction, sea trials, mobilization to India and customer acceptance.

Contract revenues which could be generated over the first six months and remaining 54 months of the contract period are estimated to be $90 million and $838 million, respectively.

In addition, Transocean announced that the first ultra-deepwater drillship owned by the joint venture, Dhirubhai Deepwater KG1 (formerly Deepwater Pacific 1), has now had its previously announced four-year contract extended by Reliance to five years. Contract revenues which could be generated over the first six months and remaining 54 months of this contract period are estimated to be $90 million and $838 million, respectively. The drilling contract is still expected to commence in the third quarter of 2009, following shipyard construction, sea trials, mobilization to India and customer acceptance.

In October 2007, Transocean announced that a subsidiary exercised its option to purchase a 50 percent interest in a joint venture company with Pacific Drilling Limited ("Pacific Drilling"). The joint venture company owns the two ultra-deepwater Samsung-design drillships that are currently under construction in South Korea.

The two drillships are currently under construction at Samsung Heavy Industries' shipyard in South Korea where the Transocean subsidiary is overseeing construction. The new drillships feature National Oilwell Varco drilling packages that include advanced offshore drilling technology, including significant off-line tubular-handling and stand-building capabilities, advanced mud system designs, advanced systems for building, storing and running several subsea trees and efficient riser and BOP (blowout preventer) handling systems. The drillships will have a variable deckload of approximately 20,000 metric tons.

Dhirubhai Deepwater KG1 will be equipped to work in water depths of up to 12,000 feet and outfitted to construct wells up to 35,000 feet deep. The estimated delivered cost for the Dhirubhai Deepwater KG1, including customer reimbursed equipment, is approximately $685 million, excluding capitalized interest.

Dhirubhai Deepwater KG2 will be equipped to work in water depths of up to 10,000 feet and outfitted to construct wells up to 35,000 feet deep. The estimated delivered cost for the Dhirubhai Deepwater KG2, including customer reimbursed equipment, is approximately $685 million, excluding capitalized interest. Construction is expected to be completed in the fourth quarter of 2009.


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