Scorpion orders deepwater semisubmersible
Posted: 5 July 2008
Scorpion Offshore Ltd signed a contract with Keppel FELS Limited to construct a deepwater semisubmersible at Keppel’s shipyard in Singapore.
Construction is expected to span 42 months with delivery in the 4th quarter of 2011 at an anticipated cost of approximately $400 million.
This rig will be a dynamically-positioned, four column semisubmersible capable of drilling wells to 8,500 meters in water depths up to 2,400 meters.
The rig was ordered pursuant to a Letter of Commitment (LOC) from Petroleo Brazileiro SA (Petrobras) for operations beginning prior to June 2012.
The LOC has a duration of 6 years with potential revenue of approximately US $1.1 billion plus operating cost inflation adjustments throughout the contract term.
The cashflow from this contract will result in full payout of the cost of the rig during the initial contract term.
This entry by Scorpion into the deepwater segment of the offshore drilling business is the result of the continued execution of the Company’s original strategy.
Scorpion’s semisubmersible contract is its second contract with Petrobras with the Offshore Defender having begun operations in Brazil in March.
The addition of this deepwater semisubmersible to Scorpion’s fleet will supplement its ultra premium jackup strategy.
Scorpion Offshore Ltd. is a Bermuda based corporation founded in 2005 to own and operate state-of-the-art offshore drilling rigs.
Posted by Richard Price, Editor, EnergyME.com
Information supplied by companies or PR agencies who are responsible for content.
Send press releases to richard@energyme.com |
