Fred. Olsen contracts Hyundai to build ultra-deepwater rig

Offshore staff

OSLO, Norway – A subsidiary of Fred. Olsen Energy has agreed to a turnkey contract for Hyundai Heavy Industries to construct a harsh environment ultra-deepwater drilling rig.

This will be a Moss Maritime CS 60 E design for water depths up 10,000 ft (3,048 m), and equipped for year-round operations in the Norwegian Barents Sea. The rig also will be designed for safe and efficient drilling and completion operations over the full water depth range.

Total project cost is estimated at $700 million, including spare parts, owner-supplied equipment, and yard project team. Delivery is scheduled for March 2015.

Another Fred. Olsen subsidiary has an option from Hyundai to purchase a second, similar drilling unit, exercisable by October 2012.

5/25/2012

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