Transocean Ltd. (RIG 67.20, -0.02, -0.03%)(six:RIGN) today announced that it has reached an agreement to purchase for $195 million a Pacific Class 400 design jackup under construction at PPL Shipyard Pte Ltd. Delivery of the high-specification jackup is expected in the fourth quarter of 2011.
The jackup rig, which is PPL Shipyard’s latest proprietary design, is capable of operating in water depths up to 400 feet and constructing wells 30,000 feet deep. It will feature the most advanced offshore drilling technology, including offline tubular handling features and simultaneous operations support. In addition, the rig will have accommodation for 150 personnel.
“Our decision to purchase this unit reflects our belief in the strengthening fundamentals of the high-specification jackup market and our strategy to increase our participation in this part of our business,” said Steven L. Newman, CEO of Transocean Ltd. “The one-year delivery schedule gives us sufficient time to pursue a number of opportunities available in the marketplace to secure an attractive contract for the rig.”
Transocean, the world’s largest offshore drilling contractor, provides the most versatile fleet of mobile offshore drilling units to help customers find and develop oil and natural gas reserves.Transocean owns or operates a contract drilling fleet of 45 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 26 Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide.
The jackup rig, which is PPL Shipyard’s latest proprietary design, is capable of operating in water depths up to 400 feet and constructing wells 30,000 feet deep. It will feature the most advanced offshore drilling technology, including offline tubular handling features and simultaneous operations support. In addition, the rig will have accommodation for 150 personnel.
“Our decision to purchase this unit reflects our belief in the strengthening fundamentals of the high-specification jackup market and our strategy to increase our participation in this part of our business,” said Steven L. Newman, CEO of Transocean Ltd. “The one-year delivery schedule gives us sufficient time to pursue a number of opportunities available in the marketplace to secure an attractive contract for the rig.”
Transocean, the world’s largest offshore drilling contractor, provides the most versatile fleet of mobile offshore drilling units to help customers find and develop oil and natural gas reserves.Transocean owns or operates a contract drilling fleet of 45 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 26 Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide.