Seadrill Sells Rig T15 to Partners

Seadrill Limited has entered into an agreement to sell the companies that own and operate the tender rig T15 to Seadrill Partners LLC for a total consideration of $210 million, less approximately $100 million of debt outstanding under the credit facility secured by the T15. The balance of the acquisition price will be financed with vendor financing provided by Seadrill in the form of a loan in the amount of approximately $110 million due in 2016, accruing interest quarterly at 5 percent plus LIBOR. It is expected that the vendor financing will be refinanced prior to its maturity.

The T15 is contracted for a five-year period with Chevron in Thailand at a dayrate of $115,500. The rig is currently undergoing acceptance testing in Singapore prior to mobilizing to its drilling location, which is expected to occur by mid-June. The rig is currently earning a standby dayrate until it arrives in Thailand and commences operations.

The transaction is expected to close prior to the end of May 2013.

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Seadrill Orders Additional Jackups from Dalian

Seadrill has exercised fixed price options for the construction of two high specification jackup drilling rigs at Dalian Shipbuilding Industry Offshore Co., Ltd. (DSIC Offshore) in China. The rigs are scheduled for delivery during the third and fourth quarter of 2015, and the estimated total project price is approximately $230 million (including project management, capitalized interest, drilling and handling tools, spares and operation preparations) per rig, with tail-heavy payment terms.

The two new units will be based on the F&G JU2000E design, with water depth capacity of 400 feet and drilling depth of 30,000 feet. Seadrill has now in total six jackups under construction at DSIC Offshore of which two are scheduled for delivery in 2013 and four in 2015.

Chief Executive Officer of Seadrill Management Ltd. Fredrik Halvorsen said in a comment, "The two jackup newbuilds are ordered in-line with our customers preference for high specification jackup drilling rigs and a strengthening jackup drilling market. We continue to see solid demand for this asset class with both dayrates and contract duration increasing. These two new orders will increase Seadrill's jackup fleet to 28 units and strengthen our position as the largest operator of modern high specification drilling units."

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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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For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit http://www.riglogix.com/.

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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."

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit http://www.riglogix.com/.

View the original article here

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."

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit http://www.riglogix.com/.

View the original article here