SDRL - Seadrill orders two new ultra-deepwater drillships for delivery in 2014
(Thomson Reuters ONE) -
Hamilton, Bermuda, February 27, 2012 - Seadrill has in the last year seen a
surge in long-term demand for tender rigs and modern ultra-deepwater drilling
rigs. The increased demand for ultra-deepwater rigs has been driven by high oil
prices and significant exploration successes in both new as well as established
deepwater regions leading to a ramp-up in drilling programs. The growth in rig
demand has been particularly strong in the US, East and West Africa regions. In
addition to oil price and exploration successes, the industry's focus on safety
following the Macondo accident, has supported demand for higher specification
rigs as well as leading to increased drilling time per well.
Based on these developments and analysis of the rig market, Seadrill has
concluded that it is highly likely that lack of sufficient rig availability in
the deepwater market will become a key bottleneck until significant new drilling
capacity is added. If oil prices remain at present levels, this tight supply
demand balance will force oil companies to postpone field developments with
negative impact on the net present value of these discoveries.
Seadrill is of the opinion that the present and foreseeable developments
represent a unique investment opportunity. In order to benefit from this
opportunity, Seadrill is currently in discussions with several shipyards to
further increase the Company's rig availability in 2014 and thereafter. As a
first step, Seadrill has entered into turnkey contracts to build two new ultra-
deepwater drillships at Samsung in South Korea. The construction of the
drillships is scheduled for completion in the second and third quarter 2014.
Total project price per drillship is estimated to be under US$600 million, which
includes a turnkey contract with the yard, project management, drilling and
handling tools, spares, capitalized interest and operations preparations.
Seadrill has also a fixed price option to order an additional drillship for
delivery in 2014.
The drillships are of the same design as the three previous dual derrick
drillships that Seadrill ordered at Samsung late 2010 and early 2011, with
increased water depth, technical capabilities and accommodation capacities.
These dynamic positioning drillships will have a hook load capability of 1,250
tons and a water depth capacity of up to 12,000 feet targeting operations in
areas such as the Gulf of Mexico, Brazil as well as West and East Africa. In
addition, these units will be outfitted with seven ram configuration of the Blow
out Preventer (BOP) stack and with storing and handling capacity for a second
BOP.
Chairman of Seadrill John Fredriksen says:
We are pleased to see the success of the strategy that the Company was based
upon in 2005. Through significant investments in modern high specification
equipment and our focus on quality operations, we have been able to
differentiate this Company from its competitors and create a basis for a strong
sustainable cash flow and a solid return to our shareholders. Our long
relationship with Samsung has given us access to a proven rig design and
favourable delivery slots. In combination with attractive global yard prices,
this has created an opportunity to continue to organically build Seadrill with
very compelling economics. Seadrill will have five new ultra-deepwater rigs
scheduled for delivery in the period 2013 - 2014 and four existing units coming
off current contracts in the same period. There has already been specific
discussions regarding chartering of part of this capacity. We believe the open
ultra-deepwater exposure position will serve Seadrill well and create a unique
exposure to one of the fastest growing and most profitable energy businesses in
the world. We also believe that this open exposure can be used to further
strengthen our relationship with fast growing and dynamic oil companies. The
recent increase in daily rates for drilling rigs will generate excess cash that
can be used for a balanced combination of organic growth and a strong long-term
dividend distribution. It is likely that Seadrill's commitment to tender and
ultra-deepwater new buildings will be further increased in the weeks to come.
Analyst contact
Jim Dåtland
VP Investor Relations
Seadrill Management AS
+47 51 30 99 19
Media contact
Esa Ikäheimonen
Chief Financial Officer
Seadrill Management AS
+47 51 30 99 19
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seadrill Limited via Thomson Reuters ONE
[HUG#1589099]
Unternehmensinformation / Kurzprofil:
Datum: 27.02.2012 - 08:47 Uhr
Sprache: Deutsch
News-ID 118624
Anzahl Zeichen: 5511
contact information:
Town:
Hamilton
Kategorie:
Business News
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