SDRL- North Atlantic Drilling confirms the order of a new harsh environment semi-submersible drilling rig
(Thomson Reuters ONE) -
Hamilton, Bermuda, April 3, 2012 - Oil and gas companies have increased their
level of activity in harsh environment and arctic areas considerably during the
last years. This has translated into a growth in demand for high specification
rigs for operations and a tight supply demand balance in such areas. Continued
strong market fundamentals including the recent exploration successes in harsh
environment create a sound basis for further growth in the North Atlantic
region. In addition to demand for new rigs, there is also a need for replacement
of older rigs.
In response to this development North Atlantic Drilling has entered into a
turnkey construction contract with Jurong Shipyard in Singapore for the
construction of a new harsh environment semi-submersible drilling rig. The new
rig will be of a Moss CS60 design, N-Class compliant and be fully winterized to
meet the harsh and demanding weather conditions in the North Atlantic areas.
Maximum water depth will be 10,000 feet with a maximum drilling depth of 40,000
feet. Further, the rig will be outfitted with both DP3 dynamic positioning
systems and complete anchor handling capabilities. The rig will have
accommodation capacity for up to 150 people in Norway, whereas internationally
the capacity will be 180. In order to meet the highest safety and operational
standards, the rig will be outfitted with a six ram blow out preventer (BOP)
stack and have the capacity for storing and handling of a second BOP.
The new rig is scheduled for delivery in the first quarter 2015 at the latest.
Total estimated project costs for the new rig, including a turnkey contract with
the yard, project management, drilling and handling tools, spares, capitalized
interest and operations preparations, is estimated to be approximately US$650
million. 20% of the yard price is payable at contract signing, and the remaining
80% at delivery. The first installment has been financed by proceeds from the
private placement which was completed on March 27, 2012.
Alf C Thorkildsen, Chief Executive Officer in North Atlantic Management AS and
Chairman of North Atlantic Drilling Ltd. says in a comment: "North Atlantic
Drilling was established in February last year with a clear ambition of building
the leading harsh environment offshore drilling company. Since this
incorporation, the underlying market for drilling services in such areas has
shown a tremendous development creating opportunities for further growth. With
this newbuild order, we are able to continue developing our growth strategy and
utilize a unique opportunity to generate solid returns for our shareholders. We
believe the market for modern advanced rigs will continue to develop favorably
and offer attractive contracting opportunities."
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
North Atlantic Drilling is a leading offshore harsh environment drilling company
in which Seadrill Limited currently holds a 74 percent ownership interest. The
Company has following the new harsh environment semi-submersible newbuild order,
a fleet of six harsh environment units in operation and two newbuilds under
construction. North Atlantic Drilling is currently listed on the N-OTC list in
Norway, but has initiated the process of listing its shares in the US with a
targeted commencement of trading during third quarter 2012.
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
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originality of the information contained therein.
Source: Seadrill Limited via Thomson Reuters ONE
[HUG#1599619]
Unternehmensinformation / Kurzprofil:
Datum: 03.04.2012 - 08:54 Uhr
Sprache: Deutsch
News-ID 131354
Anzahl Zeichen: 4548
contact information:
Town:
Hamilton
Kategorie:
Business News
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