North Atlantic Drilling has entered into a turnkey construction contract with Jurong Shipyard in Singapore for the construction of a new harsh environment semi-submersible drilling rig, Reuters reports. Total estimated project costs for the new rig, including a turnkey contract with the yard, project management, drilling and handling tools, spares, capitalized interest and operations preparations, is estimated to be approximately $650 million.
20% of the yard price is payable at contract signing and the remaining 80% at delivery. The first installment has been financed by proceeds from the private placement which was completed on March 27, 2012.
The new rig is scheduled for delivery in the first quarter 2015 at the latest.
The new rig will be of a Moss CS60 design, N-Class compliant and be fully winterized to meet the harsh and demanding weather conditions in the North Atlantic areas.
20% of the yard price is payable at contract signing and the remaining 80% at delivery. The first installment has been financed by proceeds from the private placement which was completed on March 27, 2012.
The new rig is scheduled for delivery in the first quarter 2015 at the latest.
The new rig will be of a Moss CS60 design, N-Class compliant and be fully winterized to meet the harsh and demanding weather conditions in the North Atlantic areas.