DSIC to build two new jack-up rigs for Seadrill

The new rigs, based on the F&G JU2000E design, will be capable of operating in water up to 400ft deep and drilling to a depth of 30,000ft.

With the new orders, Seadrill has ten jack-ups on order at DSIC. In a statement, the company asserted that jack-up rigs remain a solid investment, citing the fact that, not only is 60% of the global fleet built before 1993, but that the current drilling rig orderbook “falls well short of adequately supplying oil company needs going forward”, asserting that at least half of the 115 units on order “not competitive on a global basis.”

“High specification units have historically commanded the highest dayrates and utilization rates and we fully expect this trend to continue,” said Per Wullf, ceo. “The market for high specification jack-up units is poised for a significant uplift in dayrates and we continue to invest in order to put Seadrill's shareholders in a prime position to benefit. 

Seadrill's competitive advantage not only resides in its' assets, but also in its' demonstrated safety and operational and track records and the ability to win repeat business from industry leading customers.  We are confident these factors, along with continued fleet growth, will contribute to our industry leading returns and ability to grow the dividend."