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

  • 23 July 2014

    Halliburton promotes Jeff Miller to President

    Halliburton has promoted Jeff Miller to President and has appointed him to the Halliburton Board of Directors effective 1 August 2014. Mr Miller is currently the...

  • 23 July 2014

    Statoil resumes production on Njord A platform

    Statoil has resumed oil and gas production on the Njord A platform in the Norwegian Sea, after a major reinforcement of the platform structure. Production had been shut down...

  • 22 July 2014

    Petrobras’ domestic oil production tops 2 million bbl/day in June

    Petrobras’ June oil production in Brazil averaged 2 million bbl/day (bpd), a 1.7% increase from May’s production of 1.9 million bpd. In addition, the production operated...

  • 22 July 2014

    Precision, Schlumberger partner to boost industrialization of North American unconventional drilling

    Precision Drilling has entered into a strategic technology and service agreement and marketing alliance with Schlumberger. Utilizing Precision’s Tier 1 drilling rigs and...

  • 22 July 2014

    Easternwell to manage delivery of onshore servicing rig for Brunei

    Australia’s Easternwell, a subsidiary of Transfield Services, has expanded internationally through an agreement with Flux O.S. SDN BHD (Flux), a Bruneian oil and gas company...

  • Read more news