Seadrill Orders Additional Jackups from Dalian

Seadrill has exercised fixed price options for the construction of two high specification jackup drilling rigs at Dalian Shipbuilding Industry Offshore Co., Ltd. (DSIC Offshore) in China. The rigs are scheduled for delivery during the third and fourth quarter of 2015, and the estimated total project price is approximately $230 million (including project management, capitalized interest, drilling and handling tools, spares and operation preparations) per rig, with tail-heavy payment terms.

The two new units will be based on the F&G JU2000E design, with water depth capacity of 400 feet and drilling depth of 30,000 feet. Seadrill has now in total six jackups under construction at DSIC Offshore of which two are scheduled for delivery in 2013 and four in 2015.

Chief Executive Officer of Seadrill Management Ltd. Fredrik Halvorsen said in a comment, "The two jackup newbuilds are ordered in-line with our customers preference for high specification jackup drilling rigs and a strengthening jackup drilling market. We continue to see solid demand for this asset class with both dayrates and contract duration increasing. These two new orders will increase Seadrill's jackup fleet to 28 units and strengthen our position as the largest operator of modern high specification drilling units."


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