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North Atlantic commits to US $568 million new rig
Posted 04.04.2012 08:47:14 av John Bradbury
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Seadrill's subsidiary North Atlantic Drilling has demonstrated further confidence in the deepwater drilling market by placing an order for a new ultra-deepwater harsh environment unit with Sembcorp Marine worth up to US $568 million.

Sembcorp is to build the new semi-submersible using a Moss Maritime CS60 design – an enhancement of the existing Moss Maritime CS50E MKII harsh-environment ultra-deepwater semi-submersible design used to build the West Pegasus and West Leo which were delivered by Jurong to Seadrill in March last year and in January this year.

Delivery of the new unit is due in the first quarter 2015 and it will be built for operating in a water depth of up to 10,000 feet with a maximum drilling depth of 40,000 ft.

Sembcorp says the rig will be an N-class compliant sixth-generation drilling unit with dynamic positioning capable of thruster-assisted mooring in shallow waters in the North Sea and Barents Sea. It will also be specified for year-round drilling in those regions, Sembcorp has announced.

“With offshore drilling moving towards deeper waters and harsher environments, we are confident of leveraging on these emerging opportunities with our proven track record in the building of high-specification ultra-deepwater rigs,” declared Don Lee, senior generational manager of the offshore division at Sembcorp's Jurong Shipyard’s where the new unit will be built.

Alf Thorkildsen, chairman and chief executive of North Atlantic Drilling, which is 74% owned by Seadrill, said the the drilling market is still buoyed up by high oil prices and a demand for rigs to operate in frontier areas. “The combination of historical high oil prices and significant exploration successes for our customers in mature as well as frontier areas has increased the demand for quality high specification rigs,” Thorkildsen stated. “This environment has created a dynamic investment opportunity for our company to grow its activities.”

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