SeaDragon Secures Integrated Drilling Package

SeaDragon Offshore, currently building the first of a number of planned 6th Generation (Deep Water/Harsh Environment semi-submersible) rigs, has placed a significant order with National Oilwell Varco (NOV) for Drilling Equipment Package, Subsea BOP Stack and Marine Riser equipment for its first vessel the Moss CS50 MkII--the "Oban B."


SeaDragon is currently building one of the world's largest semi-submersible rigs with an option for two further rigs ("the Project"), 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:

--Drilling Equipment Package
--Subsea BOP Stack
--Marine Riser

SeaDragon has separate options to repeat the order for a second vessel that would allow delivery of a second unit in early 2010.

Stephen Baird, Chairman of SeaDragon, said:

"We are delighted to be working with NOV on this deal. We are 100% confident that this drilling package will meet the requirements of our charter customers."

Kevin Neveu, President of National Oilwell Varco, Rig Solution Group, added:

"NOV is pleased to be selected by SeaDragon for the drilling, marine riser and pressure control equipment. This is an important milestone for both SeaDragon and NOV and we are looking forward to helping successfully deliver this rig within budget and on time for mid 2009."

George Sutherland, CEO of SeaDragon Technical Services, noted:

"SeaDragon are delighted to have finalized the order with NOV for the Drilling Equipment, Subsea BOP and Marine Riser and look forward to working with the NOV throughout all phases of the project."

Background information:

  • SeaDragon's rigs will be constructed in Teesside, UK, with the first hull to be purchased from the Sevmash shipyard, Russia.
  • KCA DEUTAG (international drilling contractor and part of The Abbot Group plc), SeaDragon are working with KCA DEUTAG toward an agreement to 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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