Transocean orders another high-spec jackup with KFELS for $195MM

By Phaedra Friend Troy

The world's largest offshore rig contractor Transocean (NYSE:RIG) has ordered another jackup drilling rig to be build by Keppel FELS.

Following a two-rig order in February 2011, Transocean has optioned a third jackup with KFELS for $195 million. Scheduled for delivery in the third quarter of 2013, the high-spec drilling rig will be based on the KFELS Super B Class Bigfoot design.

Modified for Transocean, the jackup will be built with larger spud cans, which will expand its operations coverage to more areas. Having larger spud cans allows the rig to operate with less potential leg penetration problems in soft soil conditions.

Additionally, the rig will have a 1.5 million pound drilling system and maximum combined cantilever load of 3,200 kips. The drilling system package will allow the jackup to drill and prepare drill pipe at the same time. 

While a contract has not been announced for the third jackup, the first two rigs were contracted by Chevron (NYSE: CVX) for five-year stints offshore Thailand. At a cost of $400 million, those rigs are being built to drill in waters up to 350 feet deep and are scheduled for delivery in the first and third quarters of 2013.

Under the agreement with Keppel FELS, Transocean can option another two high-spec jackups.

With 134 offshore rigs, Transocean now has four high-specification jackups under construction. The company owns and operates 48 high-spec semisubmersibles and drillships, 25 mid-water floaters, nine high-spec jackups, 51 standard jackups, and one swamp barge.

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