ENSCO International Incorporated reported that one of its subsidiaries has finalized a shipyard construction contract for a new ultra-deepwater semisubmersible rig to be named ENSCO 8506. The contract for construction of the rig was entered into with Keppel FELS Limited (Keppel FELS) Shipyard in Singapore at a total project cost currently projected to be $560 million. Delivery is expected in the second half of 2012.
ENSCO 8506 is the Company's seventh ultra-deepwater semisubmersible rig in the ENSCO 8500 Series(R) currently under construction, and will be part of the Company's eight-rig deepwater fleet that includes the ENSCO 7500 deepwater semisubmersible that has been in service since 2000. The first four of the ENSCO 8500 Series(R) rigs to be delivered are contracted to customers for term work commencing upon delivery, and marketing of the three latest ENSCO 8500 Series(R) rigs already is underway.
The ENSCO 8500 Series(R) deepwater semisubmersibles are based upon an ENSCO proprietary design. Features include a two million pound quad derrick, offline pipe handling capability, automatic station keeping ability, and 150-man living quarters. The 8500 Series rigs will be capable of drilling in up to 8,500 feet of water. With these capabilities and features, the rigs will be especially well-suited for deepwater development drilling.
Daniel W. Rabun, ENSCO's Chairman, President and Chief Executive Officer, commented, "We continue to execute on our strategy to expand our deepwater presence, and again look forward to working with Keppel FELS on this important project. Our $3.1 billion investment in the ENSCO 8500 Series(R) rigs demonstrates our commitment to playing a meaningful role in the growing deepwater market. With our current seven rig newbuild program, no other company will have a larger ultra-deepwater semisubmersible rig fleet."
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