Bermuda-based Seadrill has entered into an agreement for the construction of two jack-up drilling rigs with Jurong Shipyard (JSPL) in Singapore.

The new units are scheduled for delivery in the fourth quarter of 2012 and first quarter of 2013 respectively, and the total project price is estimated to cost $400 million, which include project management, drilling and handling tools, spares and capitalised interest.

In addition, Seadrill has option agreements for construction of further four jack-up newbuildings with JSPL.

The new units have the capability to operate in water depths up to 400ft and drill to depths of 30,000ft and offer improved drilling efficiencies.