Maersk Drilling Names 2 Drillships in a Ceremony at SHI Yard in South Korea

Maersk Drilling announced Thursday that the company’s second and third ultra deepwater drillships were named Thursday morning in a ceremony held at the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South Korea. Lisa Lance, wife of Ryan M. Lance, chairman and CEO, ConocoPhillips, had the honor of naming Maersk Valiant (UDW drillship), and Annell R. Bay, vice president Global Exploration, Marathon Oil Corporation, had the honor of naming Maersk Venturer (UDW drillship).

Maersk Valiant and Maersk Venturer are the second and third in a series of four ultra deepwater drillships to enter Maersk Drilling’s rig fleet. The four drillships represent a total investment of $2.6 billion and will be delivered from the SHI shipyard in 2014.

After delivery from the yard, Maersk Valiant will commence a three year firm contract with ConocoPhillips and Marathon Oil for their respective drilling programs in the U.S. Gulf of Mexico. The contract includes options for up to an additional two years. The estimated contract value for the firm contract is $694 million including mobilization, but excluding cost escalation. A contract for Maersk Venturer is yet not signed.

“We have an ambition of growing our business activities in the ultra deepwater market. With Maersk Valiant going to the U.S. Gulf of Mexico to work for ConocoPhillips and Marathon Oil, Maersk Drilling will then operate three rigs in the region, and we are well on our way to becoming a significant drilling contractor in that market since we entered the market in 2009,” says Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board of the A.P. Moller – Maersk Group.