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Subsidiaries of Frigstad Deepwater have entered into turnkey construction contracts for the delivery of two ultra-deepwater...

Frigstad Deepwater orders two ultra-deepwater semisubmersibles

web_Frigstad-D90-(Press)

Frigstad Deepwater has ordered two ultra-deepwater semisubmersibles from CIMC Raffles in Yantai, China. The units are scheduled for delivery at the end of Q4 2015 and Q2 2016.

Subsidiaries of Frigstad Deepwater have entered into turnkey construction contracts for the delivery of two ultra-deepwater semisubmersibles from CIMC Raffles in Yantai, China, with options for another four units.

The seventh-generation drilling units are of the Frigstad D90 design, developed by Frigstad Engineering and tailor made for safe and efficient exploration and development drilling in ultradeepwaters. The rigs will be capable of operating in water depths up to 12,000 ft and drilling to a TD of 50,000 ft. The units will be outfitted with a DP3 dynamic positioning system, full dual-activity hydraulic drilling package with two 1,400 ST hoisting capacity and two seven-ram BOPs.

The units are scheduled for delivery at the end of Q4 2015 and Q2 2016, and the total project cost is approximately US $1.3 billion, exclusive of financing cost. The construction, marketing and operation of the rigs will be managed by Frigstad Offshore.

“With these newbuild orders, we continue to build a solid foundation for further growth and to develop the company into a leading operator of ultra-deepwater drilling units at the very top end of this highly attractive market segment,” Simen Skaare Eriksen, CEO of Frigstad Offshore and director of the Frigstad Deepwater subsidiaries, said. “These rigs represent yet another significant step forward in terms of equipment specifications, operational efficiency, flexibility and reliability, and we will be well positioned to take advantage of a strengthening ultra-deepwater market.”

Frigstad D90 is a trademarked term.

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