Maersk Drilling Bags $610 Million Contract for First Newbuild Drillship in Gulf of Mexico

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June 4, 2012

Maersk Drilling, the oil exploration services unit of Danish industrial conglomerate A.P. Moller-Maersk A/S (MAERSK-B.KO), said Monday it has been awarded a deep-water drilling contract with a value of US$610 million.

Without naming the customer by name, Maersk Drilling said it has signed a contract with a major oil company for drilling services in the Gulf of Mexico.

The order is to be carried out by the first in a series of four identical ultra deepwater drillships currently under construction by South Korean ships builder Samsung Heavy Industries Co. Ltd. (010140.SE).

The contract duration is three years and is expected to begin by the end of 2013 on delivery of the drillship from Samsung.

About the Newbuilds

In 2011 Maersk Drilling ordered four ultra deepwater drillships at Samsung Heavy Industries in South Korea worth a total investment of $2.6 billion.

The design and capacities of the new drillships feature dual derrick and large subsea work and storage areas, a design that allows for efficient well construction and field development activities through offline activities.

With their advanced positioning control system, the ships automatically maintain a fixed position in severe weather conditions with waves of up to 11 meters and wind speeds of up to 26 meters per second.

Special attention has been given to safety onboard the drillships. Equipped with Multi Machine Control (MMC) on the drill floor, the high degree of automation ensures safe operation and consistent performance. Meanwhile higher transit speeds and increased capacity will reduce the overall logistics costs for oil companies.

Maersk Drilling has performed deepwater operations in the US Gulf of Mexico since 2009 with the ultra deepwater semi-submersible MÆRSK DEVELOPER.

The drillships are expected to be delivered in 2013 and 2014, respectively.

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