Seadrill orders four new ultra-deepwater drillships for delivery in 2015

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Seadrill Limited  has entered into  contracts to build four new ultra-deepwater drillships. Two of them will be built at the Daewoo Shipbuilding & Marine Engineering yard and the other two at the Samsung yard, in South Korea. The project value price is estimated to be below US$600 million per unit.  Delivery of the 4 units is scheduled for the second half 2015.  Seadrill has in addition received fixed priced options for delivery of two further units for delivery in the first half 2016.

The 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 and West and East Africa.

Ultra deepwater production is estimated to increase from around 1 million barrels per day today to 5 million barrels per day over the next 6 years. In order to reach this target significant new development drilling capacity will have to be added. At the same time, the industry faces a situation where approximately 49% of the current floater fleet is older than 20 years.

John Fredriksen, Chairman of Seadrill Limited, says: “We have been able to use the current weakness in the shipbuilding industry to order drilling units at very attractive price levels. At the same time we are securing future growth by continuing to build a homogenous fleet with all the operational benefits which come from fleet standardization.

Read more: Seadrill Ltd.

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