SDRL - Seadrill orders two jack-ups for delivery in 2016
(Thomson Reuters ONE) -
Hamilton, Bermuda, July 31, 2013 - Seadrill Limited ("Seadrill" or "the
Company") has entered into new contracts for the construction of two high
specification jack-up drilling rigs at Dalian Shipbuilding Industry Offshore
Co., Ltd. (DSIC Offshore) in China. The newbuild rigs are scheduled for
delivery during the second and third quarters of 2016, and the total project
price per rig is approximately US$230 million (including project management,
capitalized interest, drilling and handling tools, spares and operation
preparations), with tail-heavy payment terms.
The two new units will be based on the F&G JU2000E design, with water depth
capacity of 400ft and drilling depth of 30,000ft. Seadrill now has in total ten
jack-ups under construction at DSIC Offshore of which two are scheduled for
delivery in 2013, five in 2015 and three in 2016.
Seadrill's construction program now totals 24 units, including 9 drillships, 2
harsh environment semi-submersibles, and 13 high specification jack-ups. In
addition the Company has fixed priced options for two ultra-deepwater units.
The Board of Seadrill is of the opinion that the premium jack-up segment
continues to provide a compelling investment thesis. The global jack-up market
is at an inflection point as approximately 60% of the global contracted fleet is
built before 1993. Almost 100 newbuild jack-ups have been delivered since
2005. However in the last two years we have seen increased utilization and the
number of stacked rigs decline to multi-year lows. Utilization rates have
exceeded 90% while average dayrates, unmet demand and average contract lengths
have all increased.
Newbuild activity has increased in response to the industry's calls for
additional demand and more capable units. We are of the opinion that the current
orderbook falls well short of adequately supplying oil company needs going
forward. Currently, the orderbook stands at approximately 115 units of which
approximately 50% are not competitive on a global basis. Most of these
uncompetitive units are either low specification or destined for markets with
regional factors that will limit their global mobility.
Tender activity continues to be robust with a significant increase over the last
six months. We have experienced increased inquiries primarily in Latin America,
the Middle East, and West Africa. Our customers continue to shift their focus
toward higher specification jack-up rigs and the benefits in terms of efficiency
and safety that these units deliver. Not only are operators high-grading their
fleet for the short term, but also increasing the duration of contracts, a trend
which speaks to the scarcity value of high specification units.
Seadrill is currently in specific discussions about long term chartering for
several of our jack-ups. These discussions confirm a stronger day rate
environment as well as longer contracting terms.
Per Wullf, CEO of Seadrill Ltd. says in a comment, "Seadrill has focused its'
newbuild activity on the high end of all asset classes since the Company's
inception in 2005. High specification units have historically commanded the
highest dayrates and utilization rates and we fully expect this trend to
continue. The market for high specification jack-up units is poised for a
significant uplift in dayrates and we continue to invest in order to put
Seadrill's shareholders in a prime position to benefit.
Seadrill's competitive advantage not only resides in its' assets, but also in
its' demonstrated safety and operational and track records and the ability to
win repeat business from industry leading customers. We are confident these
factors, along with continued fleet growth, will contribute to our industry
leading returns and ability to grow the dividend."
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
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Datum: 31.07.2013 - 16:29 Uhr
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News-ID 283560
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