Ensco has entered into a shared drilling contract for ENSCO 8505 with Anadarko Petroleum Corporation, Apache Deepwater LLC and Noble Energy Inc. The initial contract term is for two years or two rotations per operator, whichever is longer, in the U.S. Gulf of Mexico at a day rate of $475,000, plus cost adjustments. The contract adds approximately $350 million to revenue backlog. Two one-year options are at mutually agreed rates.
Delivery of ENSCO 8505 from the Keppel FELS Limited shipyard in Singapore is scheduled for first quarter 2012 followed by contract commencement in second quarter 2012 once mobilization, sea trials and acceptance testing have been completed.
Chairman, President and Chief Executive Officer Dan Rabun commented, "We are very pleased that Anadarko and Noble have chosen to contract a second ENSCO 8500 Series® rig for their drilling programs. Apache has been a long-term customer of our jackup fleet and we welcome the opportunity to expand our relationship with them in the ultra-deepwater market.
"Our employees who have served these customers in the past are to be commended for delivering exceptional safety and operating performance – giving us the opportunity to earn a new, multi-year contract."
ENSCO 8505 is the sixth of seven rigs in the ENSCO 8500 Series®. In second quarter 2011, these rigs that operate in South America, Asia and the U.S. Gulf of Mexico had virtually no downtime and achieved 99% utilization. Ensco is ranked #1 in overall customer satisfaction and #1 in deepwater drilling by EnergyPoint, an independent survey firm.
The proprietary design of the ENSCO 8500 Series® rigs was developed with extensive input from customers to address the drilling requirements for virtually every deepwater field around the world. The design includes a 35,000' nominal rated drilling depth, two million pounds of hoisting capacity, 8,000 tons of variable deck load and an open layout well suited for subsea completion activities. Improved visibility from the open deck configuration also enhances safety.
The uniform design of the ENSCO 8500 Series® streamlines construction, operations, inventory management, training, regulatory compliance, repairs and maintenance. It also provides flexibility for customer specific enhancements; in particular, the 8500 Series may be modified to drill and complete wells in water depths up to 10,000'.
ENSCO 8506, the final rig in the ENSCO 8500 Series®, is currently under construction in Singapore with delivery scheduled for the second half of 2012.
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