Seadrill pays $225m for China rigs – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Seadrill pays $225m for China rigs

Seadrill has ordered two tender rigs from the COSCO Nantong Shipyard in China.

The two new units, T15 and T16, are scheduled for delivery in the first quarter and third quarter 2013, respectively.

The total project price is estimated at $225 million, which includes project management, drilling and handling tools, spares and capitalised interest.

Both of the two new tender rigs have been contracted to Chevron Thailand Exploration and Production for a five-year period off the Thailand coast. Estimated contract value for the two units is approximately $420 million.

Commencement of operations is scheduled in the second quarter 2013 and fourth quarter 2013.

Alf C Thorkildsen, chief executive officer in Seadrill Management AS, says: “These newbuilds are an important addition to our present tender rig fleet. The new orders increase earnings and visibility, and enhance the attractiveness of our fleet.”

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Published March 01, 2011 at 9:00 am (Updated March 01, 2011 at 9:10 am)

Seadrill pays $225m for China rigs

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