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Jurong bags new $531m Seadrill contract

Jurong bags new $531m Seadrill contract

Singapore: Jurong Shipyard has been contracted to build an ultra-deepwater semi-submersible drilling rig for Bermuda-based international offshore drilling contractor Seadrill. The turnkey contract worth $531.5m is latest in a series at the yard, which is currently constructing two similar units based on the Friede & Goldman (F&G) design for Seadrill.

The new semi-submersible rig, scheduled for delivery in April 2010, will be capable of operating in water depths up to 10,000 feet in challenging deepwater areas such as the Gulf of Mexico, offshore Brazil and West Africa. It will have 18,000 square feet of usable deck space and 7,000 metric tons of variable deck-load.

Kjell E. Jacobsen, Seadrill Management ceo said, "The decision to add another deepwater newbuild to the existing construction program is based on the continued strength of the offshore drilling market, the return that these investments are expected to deliver, the strong financial flexibility generated by the company's $5.6bn contract backlog and the limited availability of newbuilding slots at quality yards with delivery in 2010. Seadrill is determined to continue the growth of the company and firmly believe that this newbuilding opportunity at the Jurong Shipyard is superior to US corporate acquisitions from a financial as well as fleet quality point of view."  [002/05/07]