Seadrill to acquire ultra-deepwater Songa Eclipse semi

Posted on 29 November 2012

Seadrill intends to take delivery of the Songa Eclipse, on contract to TOTAL offshore Angola, in December 2012.

A subsidiary of Seadrill has entered into an agreement with Songa Offshore to acquire the Songa Eclipse ultra-deepwater semisubmersible for US$590 million. The rig was delivered from the Jurong Shipyard in Singapore in 2011 and is operating for TOTAL offshore Angola on a fixed contract ending in December 2013. In addition, TOTAL has three one-year options to extend the contract. Seadrill intends to take delivery of the rig in December 2012. “This investment is in line with our strategy of building a modern fleet through selective acquisitions and organic growth,” Fredrik Halvorsen Seadrill Management AS CEO, said.

“The ultra-deepwater market is in a strong cycle, something we expect to prevail over the coming years, and the acquisition increases our exposure to this segment. Furthermore, we are pleased to strengthen our relationship with TOTAL in Angola and increase our presence in the region, which adds scale to our operations and could further reduce our relative cost base in the region,” Mr Halvorsen continued.

Songa Eclipse is of the Friede & Goldman ExD millennium design, the same as four of Seadrill’s existing rigs in operation, West Sirius, West Taurus, West Orion and West Capricorn. The rig is dynamically positioned (DP 2 class certification), equipped with Aker Solutions drilling equipment, has a water depth capability up to 10,000 ft and drilling depth capacity of up to 37,500 ft. The subsea well control system includes a six-ram 15,000-psi BOP stack.

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