Seadrill Orders Two Jackups from Dalian Shipbuilding

Deepwater drilling specialist Seadrill announced Friday that it has ordered two jackups for delivery in the first half of 2015 from Chinese firm Dalian Shipbuilding Industry Offshore.

The two units, which will cost $230 million per rig, will be based on the F&G JU2000E design, with water depth capacity of 400 feet and drilling depth of up to 30,000 feet. Seadrill has also arranged option agreements with Dalian to construct an additional two rigs for delivery in the third and fourth quarters of 2015, said the firm.

Seadrill Chairman John Fredriksen commented in a statement:

"These newbuilds position us for additional growth in a strengthening jackup market, providing further earnings upside for Seadrill. The premium jackup market continues to demonstrate strength as evidenced by increasing day rates and utilizations. Customers continue show preference for newer units from drilling contractors with proven track records of safe and efficient operations.

"Currently 312 jackups, or 65 percent of the total fleet of 483 jackups are older than 25 years. These two new firm orders increases our fleet of modern jackups to 25 rigs with an average age of three years, and further strengthens our position as the leading operator of premium modern, high-quality drilling units."

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