Energy Drilling Places Semisub Order with Cosco's Guangdong Yard

Singapore-based Energy Drilling said Thursday that it has inked a turnkey contract with Cosco Shipyard (Guangdong) for the construction of a semisubmersible tender assist drilling rig.

Under the agreement, Cosco will deliver the rig, EDrill-3, in June 2015. Energy Drilling has an option for one additional unit on similar terms.

Contact Energy's Vice President of Marketing Lyle David Ewashen told Rigzone that the contract value is the range of $195 million to $205 million and that the company is still in discussions about the deployment of the rig.

"We see Cosco as a long-term partner. It is very likely that we will be working with Cosco on more projects," Ewashen said.

EDrill-3 is designed by GustoMSC under its OCEAN class series. The GustoMSC Ocean400 TD rig will be able to drill on wellhead platform elevations over 120 feet above mean sea level, and is suitable to work alongside specialized deepwater trussed spars, tension leg platforms, and compliant towers outside of benign environments.

Cosco is at present building two self-erecting, tender assist, drilling rigs – EDrill-1 and EDrill-2 – for Energy Drilling at the same yard. The two rigs are scheduled to be delivered in mid-2014.

Although Cosco has only recently made its entrance in the rig building industry, the company is already making a name for itself by pricing its rigs at a competitive rate and delivering its orders way ahead of schedule.

In December last year, Cosco (Nantong) Shipyard delivered a self-erecting tender drilling rig to Seadrill three months ahead of schedule.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

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