China Shipyard Delivers Drill Rig 'Sevan Louisiana'
COSCO (Qidong) Offshore Co.,has delivered the third Sevan 650 Ultra-Deepwater Cylindrical Drilling Rig it has built for Sevan Drilling. The Sevan Louisiana, measuring 99 meters in LOA, 75 meters in breadth and 24.5 meters in depth, has a working depth of 3,800 meters and drilling depth of 12,000 meters. The deep water drilling rig and will start the transit to the US Gulf of Mexico, and is expected to commence operation for LLOG Bluewatert owards the end of Q1 2014, following completion of mobilization and certain additional equipment installations.
Offshore Deepwater Brazil Sevan Drilling’s Big Dig
Up until 2011, Sevan Drilling was part of Sevan Marine, which builds FPSOs. In 2011 Sevan Drilling was separated from Sevan Marine becoming an independent company. Sevan Drilling was established by Sevan Marine in 2006 for the purpose of building state-of-the-art, ultra deepwater drilling rigs based on the Sevan 650 design, commonly known as the bucket design. Later the same year, Sevan Marine completed a private placement for the purpose of financing, in part, its drilling business, and an order for Sevan Driller was placed with China Ocean Shipping (Group) Company (COSCO) in 2007. Sevan Drilling owns and operates two rigs of the cylindrical Sevan design. Both rigs have long-term charter contracts with Petrobras in Brazil for deepwater and ultra-deepwater plays including the pre-salt.
COSCO Group (Singapore) Report Decline in Bulk Shipping, Shipyard Revenue in Q1
Against the backdrop of a difficult business environment, the Group achieved turnover of $978.7 million with a net profit attributable to equity holders of $27.8 million. Group turnover inched down 3.2% to $978.7 million in Q1 2012 from $1.0 billion in Q1 2011 due to a decline in dry bulk shipping and shipyard revenue. Turnover from shipyard operations decreased marginally by 2.5% to $965.9 million in Q1 2012 from $990.2 million in Q1 2011 mainly due to lower revenue contributions from ship repair and ship building segments which more than offset the growth in revenue from marine engineering segments. The Group successfully delivered 12 dry bulk carriers in the 1st quarter of 2012.
New Rig from COSCO Delivered
COSCO (Nantong) shipyard delivers offshore drilling rig to Sevan Drilling COSCO (Nantong) Shipyard Co., Ltd, a subsidiary 51% owned by COSCO Shipyard Group Co., Ltd, has delivered its new build Sevan Brasil to Sevan Drilling ASA . The Sevan Brasil semi submersible has a LOA of 99 m with a breadth of 75 m and is 24.5 meters in depth. The rig is scheduled to commence operation under a six year charter contract with Petrobras during second quarter 2012.
