China: COSCO to Build New Tender Rig for Seadrill

Seadrill has exercised an option to build a new tender rig at the COSCO Nantong Shipyard in China.

The new unit, T18, is scheduled for delivery in the fourth quarter 2013. Total project price is estimated at US$135 million, including project management, drilling and handling tools, spares, and capitalized interest.

T18 is similar to the three tender rigs Seadrill ordered from COSCO last year, with enhanced drilling capabilities allowing for higher drilling efficiency including the advantage of a light weight drilling equipment set.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS says, “We are pleased to announce a further addition to our market leading fleet of 20 tender rigs. The tender rig business continues to deliver excellent operational results. Based on the further strengthening of the offshore drilling market we continue to see compelling investment opportunities that will provide solid earnings growth for Seadrill.”