Sembcorp Marine wins $384MM Seadrill contract to build two jackups, option for another four

Source: Sembcorp Marine

Sembcorp Marine's subsidiary Jurong Shipyard (JSPL) has secured orders of US$384 million for two turnkey jackup rigs with options for another four jackup rigs from Seadrill (NYSE:SDRL). 

The total estimated value of the six jackup rigs, including the four jackup rig options is expected to surpass the US$1 billion mark. This contract with Seadrill will be the largest order of rigs to-date, reflecting the growing market segment for quality premium high specification jackup rigs. 

Scheduled for delivery in the fourth quarter of 2012 and the first quarter of 2013 respectively, the jack-p rigs represent the latest generation, high specification jackup drilling rigs with greater capacities and capabilities than current conventional units. These rigs will be built based on the Friede & Goldman JU2000E design and are suitable for operations world-wide, including the southern North Sea. On completion, these new rigs will be capable of operating in waters of 400 feet and drill to depths of 30,000 feet. They will offer improved drilling efficiencies with off-line pipe handling, simultaneous operations support and are equipped with increased accommodation capacity. 

Mr Don Lee, Senior General Manager, JSPL’s Offshore Division said "We are pleased that Seadrill has again chosen to partner Jurong Shipyard in their fleet expansion strategy to be the world’s largest operator of modern high specifications rigs. These jack-up rigs will be the 6th and 7th rig orders that Seadrill has placed with JSPL, two of which are currently under construction in the shipyard.” 

Mr Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS, said “We have selected Jurong Shipyard as a partner yard based on its proven track record and project execution capabilities. Jurong Shipyard has set many ‘first successes’ with Seadrill and we are confident that it will continue to perform. The newbuild rigs will further strengthen Seadrill’s status as a leading operator of modern, high quality premium drilling rigs. These orders will position us for additional growth in an increasingly important market segment that can provide further opportunities and earnings growth for Seadrill.” 



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