Chinese Shipyard COSCO Gets Order for Offshore Drill Rig

Press Release
Thursday, April 12, 2012

COSCO Nantong Shipyard secures US$ 75-million contract for a self-erecting tender drill rig

COSCO (Nantong) Shipyard Co. Ltd., a subsidiary of  COSCO Shipyard Group Co. Ltd., has secured a contract with SEADRILL to construct a self erecting tender drilling rig T18 valued at USD 75 million, excluding owner furnished drilling equipment.

The new drilling rig, T18, when completed, will be equipped with enhanced drilling capabilities allowing for higher drilling efficiency including the advantage of a light weight drilling equipment set. The rig is capable to drill at 6,500 feet and a drilling depth capacity of 20,000 feet.

SEADRILL has now exercised the last of the options awarded by COSCO. SEADRILL was awarded altogether two options (over T17 and T18) in February 2011 when T15 and T16 were contracted. The option over T17 was exercised in April 2011, as announced on 13 April 2011.

SEADRILL is a leading offshore deepwater drilling company and operates a versatile fleet of 63 units (of which 16 are under construction) that comprises drill- ships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh environment and benign environments.

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