SeaDrill to Build Second Semisubmerisble

SeaDrill has declared its option to build a second semisubmersible ultra deepwater drilling rig with Daewoo Shipbuilding in Korea. The rig is of the design GVA-7500-N and is fully capable of operating in harsh environment in water depth up to 10,000 feet. The contract price for the unit which includes some extra upgrades versus the first unit is approximately US $495 million out of which only 30% of the contract price is payable prior to delivery of a fully operational unit. The price is based on a full turn-key delivery including an extensive testing program, 7,500ft of riser, a 15k BOP and a full mooring system.