Ensco plc (NYSE: ESV) is extending its ENSCO 120 Series of ultra-premium harsh environment jackup rigs with the order of ENSCO 123 for delivery in the second quarter of 2016.
The rig will be built under a fixed-price shipyard construction contract with Keppel FELS Ltd. in Singapore. The shipyard construction price for the rig is $265 million. Including commissioning, systems integration testing, and project management, the construction cost is expected to be $285 million.The contract with Keppel FELS includes an option for one additional rig of similar design.
ENSCO 120 Series rigs are designed for drilling wells in harsh environments in up to 400 feet of water to a total drilling depth of 40,000 feet, featuring equipment and capabilities previously found only on the largest ultra-harsh-environment jackup rigs.