Seadrill Buys Ultra-Deepwater Rig 'Songa Eclipse'

Press Release
Sunday, November 18, 2012
'Songa Eclipse' & Songa Offshore COO at Launch: Photo credit Songa Offshore

A subsidiary of Seadrill to buy the ultra-deepwater semi-submersible rig 'Songa Eclipse' for a price of US$ 590-million.

The rig was delivered from the Jurong Shipyard in Singapore in 2011, and is currently operating for Total offshore Angola on a fixed contract ending in December 2013. In addition Total has three one-year options to further extend the contract. Seadrill intends to take delivery of the rig during December 2012 after which it will have an immediate impact on Seadrill's cash flow and financial results. 

Songa Eclipse is of the same design, Friede & Goldman ExD millenium, as four of Seadrill's existing rigs in operation, West Sirius, West Taurus, West Orion and West Capricorn. The rig is dynamically positioned (DP 2 class certification) and equipped with Aker Solutions drilling equipment and has a water depth capability up to 10,000ft and drilling depth capacity of up to 37,500ft. The subsea well control system includes a six-ram 15K psi BOP stack.

Fredrik Halvorsen, Chief Executive Officer of Seadrill Management AS says, "This investment is in line with our strategy of building a modern fleet through selective acquisitions and organic growth. The ultra-deepwater market is in a strong cycle, something we expect to prevail over the coming years and the acquisition increases our exposure to this segment."

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