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.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...