Transocean Ltd. Announces Construction Contracts for Five Newbuild High-Specification Jackups
Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that a subsidiary has awarded contracts to Keppel FELS Limited’s shipyard in Singapore for the construction of five Super B 400 Bigfoot Class jackup drilling rigs. The first rig is expected to be delivered from the shipyard in the first quarter of 2016 and the remaining four jackups delivered at approximately four-month intervals thereafter. The combined capital cost for the five rigs is estimated at under $1.2 billion, excluding capitalized interest, and includes the shipyard contracts; project management; all owner-furnished equipment; capital spares and inventory; and costs associated with operational readiness.
Additionally, each of the five contracts includes an option to order an additional jackup of the same design and specifications on similar terms. The first option must be exercised within one year; the remaining four options must be exercised within consecutive four-month intervals thereafter.
The jackups will be capable of operating in water depths up to 400 feet and constructing wells up to 35,000 feet. The rigs also will have Keppel FELS’ latest proprietary design and incorporate the most advanced offshore drilling technology. In addition, the rigs are configured with Transocean-developed features that improve performance and deliver wells more efficiently for customers. These include offline tubular handling capabilities, superior jacking and preload capabilities, a flexible mud system, and simultaneous operations support. The rigs are designed to accommodate 150 personnel.
“Continuing our growth in the high-specification jackup business is an important element of our asset strategy,” said Steven L. Newman, President and Chief Executive Officer of Transocean Ltd. “We are very excited about the potential for these rigs given our expectation for continued customer demand for assets of this capability and the outstanding operating performance of the four new high-specification jackups we have recently placed into service.”
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