Vantage-invested JV to build ultra-deepwater drillship at STX

Posted on 29 November 2012

Vantage Drilling Company has entered into a joint venture with an affiliate of Skeie Group and other investors to construct a high-specification drillship at the STX Offshore & Shipbuilding yard in South Korea. Vantage has invested US$31 million in the joint venture entity, Sigma Drilling, and will initially own approximately 42% of the equity in Sigma. Sigma was formed to construct a BT-UDS dynamically positioned ultra-deepwater drillship that will be capable of operating in 12,000-ft water depths, have a 25,000-metric ton variable deck load, a dual-activity derrick, two seven-ram blowout preventer units and be capable of storing up to 12 subsea Christmas trees. Delivery of the vessel is expected in November 2015.

“We view this high-spec drillship construction project as an excellent opportunity for Vantage to further grow our presence in the expanding ultra-deepwater drilling market, with only a small capital commitment,” Paul Bragg, chairman and CEO of Vantage Drilling, said. “Our partners have been some of the most innovative and successful in this industry. STX and our major equipment providers have excellent track records and technical expertise. We believe that the construction contract provides exceptional value, attractive terms and the high end of available technology.”

In conjunction with the investment, Vantage and Sigma are entering into a project management agreement where Vantage will provide construction oversight of the vessel, a marketing agreement, and a management agreement where Vantage will manage the future operation of drilling services.

 

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 22 October 2014

    Shell discovers gas in pre-salt reservoir offshore Gabon

    Shell announced a frontier exploration discovery offshore Gabon, West Africa. The well Leopard-1 encountered a substantial gas column with around 200 m net gas pay…

  • 22 October 2014

    Statoil proves new oil resources near Grane field in North Sea

    Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25 m in the Heimdal Formation. The estimated volume of the discovery…

  • 21 October 2014

    IADC Cybersecurity Task Group to provide industry guidance to assess risks

    The oil and gas industry is not immune to cybersecurity threats, from computer viruses and malware to targeted attacks. The IADC Advanced Rig Technology (ART) Committee…

  • 21 October 2014

    Check-6 launches RIGOR digital checklist and compliance system

    Check-6 has launched RIGOR, a checklist-based mobile app to help simplify complex procedures and mitigate human error on the rig. Taking lessons from the aviation industry…

  • 21 October 2014

    Video: Next IADC Land Contract update to start in 2016

    The latest version of the IADC Land Contract was released in November 2013. Various incidents, including Macondo, delayed the release. “It’s an industry contract…

  • Read more news