Seadrill Orders Jack-Ups for Delivery 2015/2016

Norwegian rig operator Seadrill announced Thursday that it has greed new contracts for the construction of two high-specification jack-up drilling rigs with China's Dalian Shipbuilding Industry Offshore Co., Ltd. (DSIC Offshore). The price for each rig is approximately $230 million, which includes project management, capitalized interest, drilling and handling tools, spares and operation preparations.

Seadrill said the two rigs are scheduled for delivery in the fourth quarter of 2015 and the first quarter of 2016. They will be based on the F&G JU2000E design, with water depth capacity of 400 feet and drilling depth of 30,000 feet.

Seadrill said the orders mean it now has a total of eight jack-ups under construction at DSIC Offshore, of which two are scheduled for delivery in 2013, five in 2015 and one in 2016.

Seadrill CEO Fredrick Halvorsen commented in a company statement:

"These two additional orders highlight our commitment to growing our high specification jack-up fleet.  The jack-up market has traditionally been a shorter term market; however we expect longer term contracts to be executed going forward. In addition to increased term we expect to see rising day rates as attrition accelerates amongst an aging global fleet.  These two new orders will increase Seadrill's jack-up fleet to 29 units and strengthen our position as the largest operator of modern high specification drilling units."



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