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Seadrill orders four more new jackups for delivery in 2010

Posted on 11 June 2008

The previous units have all been delivered on time and budget and are in operation.

The two units to be built at PPL Shipyard will be based on the Baker Marine Pacific Class 375 Deep Drilling design. The rated water depth is 375 ft, and drilling depth is 30,000 ft. Deliveries are scheduled for March 2010 and November 2010, and the total contract price for the units is approximately US$430 million. These will be the second and third jackup orders that Seadrill has placed with PPL Shipyard. The first unit, the West Triton, was delivered on time and budget in early January this year and is operating for Apache in Australia.

Additionally, Seadrill has received option agreements for further jackup newbuilds in 2011.

“These newbuild orders are the best way to increase Seadrill’s near-term earnings potential in the offshore drilling market,” said Alf C Thorkildsen, Seadrill CEO. “We are convinced that the market for offshore drilling units in general will remain tight in the years to come.”

Separately, Seadrill has entered into an agreement with Keppel O&M in Singapore to build a new semisubmersible self-erecting tender rig. Total project price for the semi-tender is estimated at US$210 million. The new rig is scheduled for delivery in the first quarter 2011 and will be based on a similar design and specification as the semi-tender currently under construction at Keppel. The new unit is targeted for harsher environment and deepwater drilling operations in combination with floating wellhead platforms such as TLPs and Spars.

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