Noble Orders Drillship Pair; $1.2B Total

Wednesday, January 19, 2011

Noble Corporation (NYSE: NE) today announced that a subsidiary has signed a contract with Hyundai Heavy Industries Co. Ltd. ("HHI") for the construction of two ultra-deepwater drillships, increasing the Company's number of floating drilling units to 26, 14 of which are dynamically positioned. The new ultra-deepwater drillships, to be named at a later date, will be constructed on a fixed price basis at HHI's shipyard in Ulsan, Korea, with expected deliveries from the shipyard in the second and fourth quarters of 2013, respectively. Operations are expected to commence 90-120 days after delivery following mobilization and acceptance testing.

The delivered cost of the new drillships is expected to be $605 million each, and includes the turnkey construction contract, Company furnished equipment, project management and spares, but excludes capitalized interest. The construction contract contains favorable payment terms that incentivize on-time delivery. The contract further includes a fixed price option for up to two additional drillships, which must be declared by early May 2011 for delivery in 2014.

"We believe the fundamentals of the global ultra-deepwater market will continue to be strong in the decade ahead," said David W. Williams, Chairman, President and Chief Executive Officer, Noble Corporation. "These units, capable of meeting the industry's most stringent operating requirements, further support our continued commitment to increasing the technological and operational capabilities of our fleet. Furthermore, the previously announced Letter of Intent from Shell for one unit reduces the speculative risk and enhances future shareholder value."

The rigs are based on a Hyundai Gusto P10000 hull design and are designed for operations in waters of up to 12,000 feet, although either may be outfitted for less depending on specific contract requirements. The units will have DP-3 station keeping abilities, the ability to handle two complete BOP systems, a heave compensated construction crane to facilitate deployment of subsea production equipment and accommodations for up to 200 personnel, in addition to a number of other operational enhancements beyond the shipyard's base specifications.

 
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

POSH Bags Shell FLNG Contract

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

Subsea 7 Announces PLSV Swap off Brazil

Subsea 7 S.A. said it has reached an agreement with Petrobras to substitute a pipelay support vessel (PLSV) working off Brazil.   The agreement will see the Subsea-7-owned

 
 
Maritime Contracts Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0659 sec (15 req/sec)