• SeaDragon Offshore is currently building one of the world's largest semisubmersible rigs with an option for two further rigs, with a combined value of circa US$1.8 billion
• Securing timely capital equipment is vital to the Mid 2009 launch date.
• The order comprises:
• 8 * Rolls-Royce Bergen Engines
• 8* Rolls-Royce UCC Azimuth Thrusters
• 8 * Rolls-Royce Double Electric Windlass/Mooring Winches
• SeaDragon has separate options to repeat the order for a second vessel that would allow delivery of a second unit early 2010
Commenting on the order, Stephen Baird, Chairman of SeaDragon, said: "This is a major positive step for the project. We are delighted to have finalized a deal with such a capable partner and this order and the details therein are clear evidence that SeaDragon Offshore is meeting, without slippage or variation, the milestones required."
Halvard Hauso VP Offshore Rolls-Royce
"We are delighted to have signed an agreement with SeaDragon Offshore. We would like to pay tribute to the team at SeaDragon whose level of technical and commercial professionalism has impressed us greatly and has made this process go extremely smoothly. We very much look forward to working with them to deliver what we believe will be a highly successful project."
George Sutherland CEO of SeaDragon Technical Services
"I am delighted to be working with Rolls-Royce. I would also like to thank the other manufacturers for their committed and professional approach to our procurement process, ultimately however, the technical specification, delivery dates, commercial terms and the support package secured from Rolls Royce was by some margin the optimum choice for SeaDragon".
SeaDragon's rigs will be constructed in Teesside, UK, with the hulls to be purchased from the Sevmash shipyard, Russia.
KCA DEUTAG (international drilling contractor and part of The Abbot Group plc) will operate the vessel. The project is backed by debt financing arranged by Lloyds TSB Bank plc.
The SeaDragon project will help to meet increasing global demand for high specification drilling vessels, while marking a hugely significant boost to jobs in the Teesside region of the UK.
The project brings together a highly experienced and innovative management team, working in partnership with the Tees Alliance Group, international drilling contractor KCA DEUTAG (part of The Abbot Group plc), and financial institutions including Lloyds TSB Bank plc.
Designed by world-class naval architect Moss Maritime, the rig hulls will be purchased from the Sevmash shipyard in Russia, and delivered to the Tees Alliance Group, based at Haverton Hill shipyard in Teesside, for the fitting out of the topside.
The first hull has already been bought and is due to arrive in the second half of 2007. SeaDragon Offshore is now in the process of securing options on two further Russian hulls and has agreed fit out times for two additional vessels from the Tees Alliance Group.
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