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Thursday, 10 February 2011

Ensco and Keppel Fels in newbuild deal

US drilling contractor Ensco has finalised a fixed-price shipyard construction contract with Singapore’s Keppel Fels for two new ultra-premium harsh-environment jack-up rigs

The rigs, which are capable of operating in water depths of 400 feet, will cost about $230 million apiece.

The first rig is scheduled for delivery in the second quarter 2013 and the second rig in fourth quarter 2013, Ensco said in a release.

The contract includes options for two additional jack-ups of the same design at similar terms that must be exercised by 2 August this year.

Ensco will pay 20% of the rigs’ cost up front with the remaining 80% payable upon delivery, all of which is expected to be paid in cash.

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