Wednesday, April 4, 2012

Sembcorp wins semi-sub rig

Singapore’s Sembcorp Marine has secured a $568 million contract to build an ultra-deepwater semi-submersible rig for Seadrill subsidiary North Atlantic Drilling, to be built at the company’s Jurong shipyard.

The rig will be based on the Moss Maritime CS60 design, which Sembcorp said was an improvement on the West Pegasus and West Leo rigs Jurong had delivered to Seadrill in March 2011 and January this year.

Designed for work in the North Sea and Barents Sea, the rig will be built for a water depth rating of 10,000 feet, with a maximum drilling depth of 40,000 feet, Sembcorp said.

Rig delivery is expected no later than the first quarter of 2015.

North Atlantic Management chief executive Alf C Thorkildsen said: “The combination of historical high oil prices and significant exploration successes for our customers in mature as well as frontier areas has increased the demand for quality high specification rigs.”

NAD, 74% owned by Seadrill, now has a fleet of six harsh environment units in operation and two newbuildings on order.

The Oslo-listed outfit recently completed a private placement to raise gross proceeds of $300m to finance the first yard payment for a semi-sub rig.

Singapore-based analysts say the order takes SembCorp Marine’s 2012 order intake to SGD2.5bn ($2bn) and its net orderbook to SGD7.6bn.

Published : April 4, 2012

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