SHI Strengthens Position in Global Drillship Market

Samsung Heavy Industries has won US $550 million order to build a drillship from Norwegian ocean energy development firm Ferncliff Drilling AS. This will be the world's largest drill ship ever to be built.

The rig will be capable of drilling to depths of 11,000 meters. It is 222 meters long, and has a displacement of 97,000 tons. It will be dynamically positioned and capable of zero discharge. It will be built over 34 months to operate in South American and West African regions from February 2009.

SHI was able to raise construction funds from the European financial markets under condition that the Norwegian firm placed the newbuild order with SHI. The whole building process from design to material purchase, installation to test run will be entirely promoted by SHI. Ferncliff Drilling has options to build additional drillships in the future.

SHI has won orders for 11 drillships among a total of 18 orders made globally so far, thus taking 61% share of the global drillship market. The company has won three out of a total of four drillship orders made this year across the world.

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