Ultra-deepwater Drillship Contract for HHI

Press Release
Monday, September 10, 2012

Rowan Companies exercises option to build a fourth GustoMSC P10,000 design ultra-deepwater drillship with Hyundai Heavy Industries Co., Ltd.

The cost for this rig, including commissioning, project management and spares, but excluding capitalized interest, is estimated to be approximately $620 million, with delivery scheduled for March 2015.

Rowan plans to equip its drillships with 2,000 feet of additional riser to enable operations in water depths up to 12,000 feet upon delivery.  Each drillship will also be equipped with a second BOP for minimizing non-productive time. The company will also incur operational training and personnel ramp-up costs in readying the drillships to commence well operations.  Expected costs for the additional riser, BOP and training and ramp-up costs will be approximately $75 million.

Total cost for the Company's fourth drillship will be approximately six percent higher than the Company's first three drillships primarily due to equipment price increases and projected labor cost increases.  The agreement with HHI also includes an option for a similar fifth drillship exercisable in the fourth quarter of 2012, for delivery in the third quarter of 2015.

The Rowan Renaissance is expected to be delivered in late 2013.  The second and third drillships are expected to be delivered in the second and fourth quarters of 2014, respectively.

Matt Ralls, President and Chief Executive Officer, commented, "We are very pleased to add a fourth ultra-deepwater drillship to our fleet.  The recent three-year contract obtained for our first drillship, the Rowan Renaissance, and strong customer enthusiasm for Rowan's history of operational excellence, high-specification drillship design and experienced deepwater team, reaffirms our confidence in our expansion into the ultra-deepwater market."


 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Ballast Water System Retrofits for 11 Containerships

Eleven container vessels owned by Bernhard Schulte GmbH & Co. KG, based in Germany, are to be retrofitted with Wärtsilä Aquarius Ballast Water Management Systems (BWMS), Wärtsilä announced today.

Timing in Doubt on Hapag-Lloyd IPO

German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains

Asia Tankers-VLCC Rates Will See More Volatility

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel

Offshore

3Si Group Launches Offshore Division

3Si Group, whose global portfolio of marine safety products and services covers commercial, leisure and military markets, has announced the formation of 3Si Offshore,

Rosneft, Gazprom to Receive Four Arctic Fields

Ministry of the Environment sent to the government documents on the transfer of "Rosneft" and "Gazprom" licenses for the development of four more fields on the Arctic shelf,

Edelweiss Now Controls Bharati Shipyard

Edelweiss Asset Reconstruction Company has taken over management control of Bharati Shipyard, says a report in ET.   Edelweiss now controls 70% of the Indian yard’s debts.

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority 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: 0.2973 sec (3 req/sec)