ENSCO International Incorporated reported that one of its subsidiaries has finalized a shipyard construction contract for a new ultra-deepwater semisubmersible rig to be named ENSCO 8506. The contract for construction of the rig was entered into with Keppel FELS Limited (Keppel FELS) Shipyard in Singapore at a total project cost currently projected to be $560 million. Delivery is expected in the second half of 2012.
ENSCO 8506 is the Company’s seventh ultra-deepwater semisubmersible rig in the ENSCO 8500 Series® currently under construction, and will be part of the Company’s eight-rig deepwater fleet that includes the ENSCO 7500 deepwater semisubmersible that has been in service since 2000. The first four of the ENSCO 8500 Series® rigs to be delivered are contracted to customers for term work commencing upon delivery, and marketing of the three latest ENSCO 8500 Series® rigs already is underway.
The ENSCO 8500 Series® deepwater semisubmersibles are based upon an ENSCO proprietary design. Features include a two million pound quad derrick, offline pipe handling capability, automatic station keeping ability, and 150-man living quarters. The 8500 Series rigs will be capable of drilling in up to 8,500 feet of water. With these capabilities and features, the rigs will be especially well-suited for deepwater development drilling.
Daniel W. Rabun, ENSCO’s Chairman, President and Chief Executive Officer, commented: “We continue to execute on our strategy to expand our deepwater presence, and again look forward to working with Keppel FELS on this important project. Our $3.1 billion investment in the ENSCO 8500 Series® rigs demonstrates our commitment to playing a meaningful role in the growing deepwater market. With our current seven rig newbuild program, no other company will have a larger ultra-deepwater semisubmersible rig fleet.”
