Seadrill Orders $460 Million in New Jack-Up Rigs

friede & goldman JU2000E
Friede & Goldman JU2000E

Seadrill announced today they have awarded $460 million in new build contracts to Dalian Shipbuilding (DSIC Offshore) in China for the construction of two high specification jack-up rigs.

Scheduled for delivery during the fourth quarter of 2015 and the first quarter of 2016, 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 eight jack-ups under construction at DSIC Offshore of which two are scheduled for delivery in 2013, five in 2015 and one in 2016.

Fredrik Halvorsen, Chief Executive Officer of Seadrill Management Ltd commented on the orders:

“These two additional orders highlight our commitment to growing our high specification jack-up fleet. The jack-up market has traditionally been a shorter term market; however we expect longer term contracts to be executed going forward. In addition to increased term we expect to see rising dayrates as attrition accelerates amongst an aging global fleet. These two new orders will increase Seadrill’s jack-up fleet to 29 units and strengthen our position as the largest operator of modern high specification drilling units.”