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Friday, January 19, 2018

Rig Order News

Sembcorp Marine Issues Q4 Profit Warning

Photo: Sembcorp Marine Ltd

Sembcorp Marine, one of the world's largest offshore drilling rig producers,  expects to record a net loss for the fourth quarter ending December, due to the challenging operating environment and customers deferring or seeking to defer their rig orders. The group told the Singapore Exchange that it expects its financial results to be "materially negatively impacted", in line with previous disclosures relating to the challenging operating environment as well as to customers deferring or looking to defer rig orders.

$300M Oil Rig Ordered

Oil and shipping conglomerate A.P. Moeller has placed a $300 million order with a South Korean shipyard for a new jack-up oil rig for its Maersk Drilling unit. Officials declined to give the name of the shipyard. The order may signal that the strengthening of crude oil prices in the past year has sparked increased exploration activity globally, analysts said, noting that Denmark-based A.P. Moeller's Maersk Drilling had last taken delivery of a new jack-up oil rig 10 years ago.

Singapore Yard Gets Repeat Jack-up Rig Orders

Pacific-class Rig: Photo credit Sembcorp

Sembcorp Marine's PPL Shipyard secures repeat rig orders from Oro Negro to build two jack-up rigs at US$417-million. Sembcorp Marine’s subsidiary PPL Shipyard has secured orders for two turnkey contracts with a combined value of US$417 million for the construction of two units of jack-up rigs from repeat customer Integradora de Servicios Petroleros Oro Negro, S.A.P.I. de C.V (“Oro Negro”). Scheduled for delivery at end of the fourth quarter of 2014 and end of first quarter 2015…

Maersk Drilling Order Ultra-harsh Jack-up Rig

'Maersk Innovator: Photo courtesy of Maersk Drilling

The new ultra harsh environment jack-up rig, 'XL Enhanced 4', is to be built at the Daewoo Shipbuilding and Marine Engineering (DSME) shipyard in South Korea with delivery scheduled for mid-2016. The total project cost for the rig is USD 650m including a turnkey contract with the yard, owner furnished equipment, project management and capitalised interest. The contract with DSME includes priced options for delivery of up to two additional units with delivery in 2016/2017. The…

Daewoo Gets Two-Rig Order

Frigstad Offshore Drilling Ltd. reportedly signed with Daewoo Shipbuilding & Marine Engineering Co., Ltd to build a pair ultradeepwater semisubmersible drilling units. The expected delivery of the first unit is forth quarter of 2008.

Lamprell Delivers 9th Jackup Drill Rig to NDC

Photo: Lamprell

Lamprell announced the completion of construction of Al Lulu, the final jackup drilling rig in a series of nine delivered to Abu Dhabi’s National Drilling Company (NDC). The contract for the NDC Al Lulu rig was awarded in April 2015, one of only three rig orders awarded that year. All nine rigs have been designed according to the Cameron LeTourneau Super 116E (Enhanced) Class design and were completed to the highest standards of quality using the latest in drilling system technology, the builder said.

Keppel Wins $184m Rig Order from India

Keppel FELS Ltd (Keppel FELS) has secured a second order for a KFELS B Class jackup rig valued at $184 million from Jindal Group based in India. The agreement is signed with Jindal Pipes Limited and includes the design, engineering and construction of the rig as well as costs in getting the rig operationally ready. Like the first rig, this new jackup will be built to Keppel’s proprietary design, which has been further customised to meet the owner’s operational needs in water depths of up to 350 feet. It is readily upgraded to 400 feet water-depth when required. It will have a drilling depth capability of 30,000 feet and can accommodate 112 persons. The rig is due for delivery in end 2008.

Keppel Delivers PV Drilling III Jackup Early

Keppel FELS Limited (Keppel FELS) has been awarded a bonus of $460,000 for delivering the KFELS B Class jackup rig, PV Drilling III, early to PetroVietnam Drilling & Well Services Corp (PV Drilling). Completed 1.5 months ahead of schedule, without incidents, PV Drilling III has departed Keppel FELS for Vietnam to begin a five-year contract with Vietsovpetro in the Bach Ho field, offshore Vietnam. PV Drilling III completes the series of three KFELS B Class jackup rigs ordered by PV Drilling since 2005. The KFELS B Class rig is able to operate in water depths of 400 ft with a drilling depth of 30,000 ft. Versatility of PV Drilling III…

Seadrill Orders Semi-Submersible Rig Ordered from Jurong

Seadrill has entered into a contract to build another ultra-deepwater semi-submersible drilling rig at the Jurong Shipyard in Singapore. The turnkey contract has a net total project value of $531.5m with scheduled delivery of the unit in April 2010. The rig is based on the Friede & Goldman (F&G) design and is similar to the two units Seadrill already has under construction at the Jurong Shipyard. The new semi-submersible rig will be dynamically positioned and capable of operating in water depths up to 10,000 feet in challenging deepwater areas such as the Gulf of Mexico, offshore Brazil and West Africa. The unit will have 18,000 sq. ft. of usable deck space and 7,000 metric tons of variable deck-load.

Aker Kvaerner Awarded Drilling Equipment Contract

Aker Kvaerner has been awarded a contract with Daewoo Shipbuilding & Marine Engineering Co Ltd in South Korea for delivery of drilling facilities for an ultra deepwater semi submersible drilling rig ordered by an international drilling contractor. The total contract value for Aker Kvaerner is approximately USD 86 million. The award is based on an option included in a contract Aker Kvaerner signed with Daewoo Shipbuilding & Marine Engineering Co. Ltd in February 2006. The work is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand. The scope of work for Aker Kvaerner MH is to deliver a complete drilling package including engineering, equipment deliveries and commissioning services. The ultra deepwater semi-submersible drilling rig is scheduled for delivery in 2009.

Aker Kvaerner Awarded Drilling Equipment Contract

Aker Kvaerner has signed a contract with Daewoo Shipbuilding & Marine Engineering Co. Ltd in South Korea for delivery of drilling systems for two semi-submersible drilling rigs ordered by SeaDrill. The total contract value for Aker Kvaerner is approximately NOK 930 million. The scope of work for Aker Kvaerner MH is to deliver two complete drilling packages consisting of engineering, equipment deliveries and commissioning services. The contract between Daewoo shipbuilding & Marine Engineering Co. Ltd. and Aker Kvaerner MH includes opportunities for options to be agreed and amended at a later stage. The deepwater semi-submersible drilling rigs are scheduled for delivery in Q1/2008 and Q3/2008.

Aker Kvaerner Awarded Drilling Equipment Contract with Daewoo

Aker Kvaerner has been awarded a contract with Daewoo Shipbuilding & Marine Engineering Co Ltd in South Korea for delivery of drilling facilities for an ultra deepwater semi submersible drilling rig ordered by an international drilling contractor. The total contract value for Aker Kvaerner is approximately $86m. The award is based on an option included in a contract Aker Kvaerner signed with Daewoo Shipbuilding & Marine Engineering Co. Ltd in February 2006. The work is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand. The scope of work for Aker Kvaerner MH is to deliver a complete drilling package including engineering, equipment deliveries and commissioning services. The ultra deepwater semi-submersible drilling rig is scheduled for delivery in 2009.

Aker Kvaerner Awarded Contract with Daewoo

Aker Kvaerner has been awarded a contract with Daewoo Shipbuilding & Marine Engineering Co Ltd in South Korea for delivery of drilling facilities for an ultra deepwater semi submersible drilling rig ordered by an international drilling contractor. The total contract value for Aker Kvaerner is approximately $86m. The award is based on an option included in a contract Aker Kvaerner signed with Daewoo Shipbuilding & Marine Engineering Co. Ltd in February 2006. The work is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand. The scope of work for Aker Kvaerner MH is to deliver a complete drilling package including engineering, equipment deliveries and commissioning services. The ultra deepwater semi-submersible drilling rig is scheduled for delivery in 2009.

Keppel Clinches $190m Rig Order

Keppel AmFELS Inc. has secured a contract from Mexican company Perforadora Central SA de CV to build a jackup rig valued at approximately $190m. The jackup drilling rig is due for delivery in end-2009, and is expected to be deployed in the Gulf of Mexico. This is the second rig that Keppel AmFELS is building for Perforadora Central. The first unit was delivered in 2004 and is working for PEMEX, Mexico’s national oil company. In late 2006, Keppel AmFELS completed the onshore construction of two 220-crew accommodation platforms, HA-KU-M and HA-KU-S, for PEMEX. The contract is not expected to have material impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year 2007.

Keppel FELS Adds Aoother Rig Order

Keppel FELS Limited (Keppel FELS) secured a $114 million contract from Odfjell Drilling to build a KFELS B class jackup rig. The contract includes an option for another two units, with price adjustment for increase in steel prices and currency fluctuations. The design of the jackup rig is proprietary to Keppel Offshore & Marine (Keppel O&M), the parent company of Keppel FELS. It is capable of operating in 350 feet water depths, drilling down to 30,000 feet and accommodating 110 men. The new rig is scheduled for delivery in the second quarter 2006.

Sembcorp's PPL Shipyard Gets Another Perisai Jack-up Order

A Sembcorp  Pacific-class rig: Photo courtesy of the shipyard

Sembcorp Marine's subsidiary PPL Shipyard has secured a repeat order to build a third Pacific Class 400 jack-up rig worth US$211.5-million from Perisai (L) Inc, a wholly-owned subsidiary of Perisai Petroleum Teknologi Bhd. Scheduled for delivery in the third quarter of 2016, this third jack-up rig will be built based on PPL Shipyard’s proprietary Pacific Class 400 design with similar specification as the first and second jack-up rig units, named Perisai Pacific 101 and Perisai Pacific 102.

Singapore's Sembcorp Gets Perisai(L) Rig Contract

Sembcorp Marine's PPL Shipyard secures a repeat order for a jack-up rig worth US$208-million from Perisai (L) Inc. The second jack-up rig ordered by Perisai (L) Inc. a wholly-owned subsidiary of Perisai Petroleum Teknologi Bhd., will be built based on PPL Shipyard’s proprietary Pacific Class 400 design with similar specification to the first jack-up unit, now named Perisai Pacific 101, secured in May 2012. Incorporating the latest drilling equipment for improved drilling efficiency, offline handling features and simultaneous operations support, this high specification rig is capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 30,000 feet.

Keppel Deliver KFELS B Class Jackup

Keppel FELS Limited (Keppel FELS) will deliver a jackup to a wholly-owned subsidiary of SeaDrill Management (SeaDrill) on time and within budget. This is the third KFELS B Class rig that Keppel has completed within the first four months of 2006. During the christening ceremony of the jackup on April 21, 2006, Mr Choo Chiau Beng, Chairman & CEO of Keppel Offshore & Marine Limited (Keppel O&M), shared with the 300-strong guests, “The on-time delivery of the jackup is a showcase of the good management and execution of Keppel FELS. This rig is the first of four jackups that Keppel FELS is building for SeaDrill. Construction of the other three rigs is progressing well in accordance to schedule. Their expected deliveries are between mid 2007 and second quarter 2008.

Global Marine to Fund Belfast Shipyard

Global Marine Inc. has agreed to provide working capital for Harland and Wolff Shipbuilding and Heavy Industries Ltd so the Belfast, Northern Ireland, shipyard can complete two ultra-deepwater drillships under construction for Global Marine. The Houston-based offshore drilling contractor said the planned advance to Harland and Wolff is not expected to impact its future earnings, adding the pact could result in an increase of no more than 11 percent in the projected $660 million cost for the drillships. Because Global Marine has been concerned about the shipyard's financial viability, the company explained, it has agreed to provide funding to ensure completion of the rigs ordered in February and March 1998.

Singapore Rig Builders in Crisis

Image: Sembcorp Marine

After a decade-long boom, there were zero new orders globally for jack-up rigs last year on account of the current oil downturn. Singapore's largest rig builders finding it difficult to navigate safely, reports The Straits Times. With oil prices swooning, and rigs' daily rental rates having crashed to US$92,000 (S$132,000) from US$130,000 in 2014, there's a risk that 70 per cent of two Singaporean leaders - Keppel Corp and Sembcorp Marine's order book might get cancelled, especially if the Petrobras bribery scandal in Brazil deepens.

Deepwater Jack-up Rig Contract for PPL Shipyard, Singapore

Sembcorp Marine's PPL Shipyard secures US$220.5-million contract to construct a jack-up rig for Bot Lease Co. BOT Lease Co., Ltd. is a leasing company of The Bank of Tokyo-Mitsubishi UFJ which is under the umbrella of Mitsubishi UFJ Financial Group. The contract price is US$220.5 million (excluding cost of BOTL’s project management team and pre-operations cost). Scheduled for delivery at end January 2015, the new rig will be built based on PPL Shipyard’s established proprietary Pacific Class 400 design. This design represents the latest generation of high-specification jack-up rigs that are capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 30,000 feet.

China Shipyard, Yangzijiang, Report Profit Dip in Q4 2013

Reuters –  Yangzijiang Shipbuilding Holding Ltd said its fourth-quarter net profit dropped 8 percent on the year, as income from shipbuilding decreased. Privately-controlled Yangzijiang is China's third-largest listed shipbuilder by market capitalisation. It reported a fourth-quarter net profit of 746.3 million yuan ($121.85 million), and a full-year net profit of 3.1 billion yuan, slightly higher than Thomson Reuters SmartEstimate of 3.0 billion yuan. The pre-tax margin for the year stood at 34.5 percent, up from 32.9 percent a year earlier, dwarfing an industry median of 10 percent, according to Thomson Reuters data. The company's shipbuilding business posted a 43 percent gross margin, due to high-margin contracts secured before the global financial crisis.

Big Rig Orders to Noreq

Mr. Styrk Bekkenes.

During recent weeks, Noreq has been awarded several major contracts with Asian yards. Both Korea and Singapore is growing to be very important markets for Noreq. Some weeks back it was made official that Noreq was awarded the contract for Lifeboat packages for Maersk drillships being built with Samsung Heavy Industries in Korea. This week, even more rig orders have been landed by Noreq. At Jurong Shipyard in Singapore, Noreq has been awarded the lifesaving package for 8 plus 6 optional Jack Up rigs they are building for Seadrill and Noble Drilling.

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