Seadrill Agrees to Buy Prospector 3 Business

Norway’s Seadrill reported Friday that it has agreed to buy the business that owns the yard construction contract for the new-build, high-specification jack-up rig Prospector 3.

Seadrill said it had agreed to pay Prospector Offshore $235 million for the business. It will also provide drilling and handling tools, spares and operations penetrations, meaning that the total cost for the rig, ready to drill, will be approximately $250 million.

Prospector 3 is scheduled to be delivered from Dalian Shipbuilding Industry Offshore (DSIC Offshore) in China during the first quarter of 2014. The new unit is based on the F&G JU2000E design, with water depth capacity of 400 feet and a drilling depth of 35,000 feet.

The agreement with Prospector is subject to approval by DSIC Offshore

Seadrill said that the lack of premium jack-up new-build activity over the past decade is beginning to be felt and demand currently exceeds supply, with the tightness in the market leading many operators to contract these units for increasingly longer terms.


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