Growth and Fleet High-Grading Continues
LONDON--(BUSINESS WIRE)--
To fulfill customer demand for the Company’s differentiated rig
technology and contract drilling services in the Middle East, Ensco plc
(NYSE:ESV) has ordered two high-specification jackups, ENSCO 140 and
ENSCO 141. Both rigs, which will incorporate Ensco’s patented
Canti-Leverage AdvantageSM technology, are significantly
enhanced versions of the LeTourneau Super 116E jackup design. The new
jackups will include design specifications necessary to fully comply
with the vast majority of regulatory and customer requirements in the
Middle East, the primary target market for ENSCO 140 and ENSCO 141. The
rigs are scheduled for delivery in mid-2016 from Lamprell’s newest
shipyard located in the United Arab Emirates. The rigs are also suitable
for most of the markets around the world outside of the Middle East.
This new rig order reinforces Ensco’s standardization strategy since the
equipment package matches much of the proven technology used across the
Company’s premium jackup fleet - the largest in the world.
ENSCO 140 and ENSCO 141 will be constructed under a fixed-price
contract. Including commissioning, systems integration testing and
project management, the total construction cost is estimated to be $430
million, or $215 million per rig. The contract with Lamprell includes
options for two additional rigs of similar design.
“Over the past three years, we have successfully contracted our ENSCO
120 Series newbuild jackup rigs well ahead of delivery based on the
advantages of our proprietary technology,” said Dan Rabun, Chairman,
President and CEO. “While we recognize that many newbuild rigs are
entering the market, we believe our new ENSCO 140 and ENSCO 141 jackups
will attract significant customer interest based on their unique design,
which is predicated on detailed market analysis of customer preferences.”
ENSCO 140 and ENSCO 141 will deliver proven drilling technology, as well
as cost advantages for customers and Ensco. Enhanced crane capacity,
liquid mud storage and living quarters with 140 beds will translate into
significant logistical efficiencies and cost savings for customers. The
patented Canti-Leverage AdvantageSM technology, first used on
ENSCO 120 Series rigs, also provides cost advantages for customers by
allowing them to drill more wells from one location when utilizing the
enhanced hoisting capacity at the farthest reach of the cantilever.
Other key features of the rig design include a dual-drilling fluid
system, a 1.5 million-pound derrick, TDS-8 top drive and a 15k BOP. The
rigs will initially be outfitted to work in water depths up to 340 feet
and may be upgraded to operate in up to 400 feet of water. They will be
capable of drilling to a maximum total depth of 30,000 feet.
With this new order, Ensco now has eight newbuild rigs under
construction: five premium jackups and three ultra-deepwater drillships.
Since the beginning of 2010, Ensco has taken delivery of 12
high-performance rigs, including two ENSCO 120 Series ultra-premium
harsh environment jackups, five Samsung DP3 ultra-deepwater drillships
and five ENSCO 8500 Series® ultra-deepwater semisubmersibles.
During this same period, Ensco has divested 13 less capable rigs as part
of its continuous high-grading strategy. Proceeds from these sales have
been used to fund newbuild orders.
“Our high-grading strategy keeps us at the forefront of industry
technology - a key factor in our ability to maintain our number one
rating in customer satisfaction,” commented Executive Vice President and
Chief Financial Officer Jay Swent. “By maintaining our disciplined,
return-driven investment strategy - where we standardize on
differentiated rig designs that precisely match customer preferences -
we seek to continue to deliver favorable returns to shareholders.”
Ensco plc (NYSE: ESV) brings energy to the world as a global provider of
offshore drilling services to the petroleum industry. For more than 25
years, the company has focused on operating safely and going beyond
customer expectations. Ensco is ranked first in total customer
satisfaction with top honors in eight of 14 categories in the latest
annual survey by EnergyPoint Research. Operating one of the newest
ultra-deepwater rig fleets and the largest premium jackup fleet, Ensco
has a major presence in the most strategic offshore basins across six
continents. In terms of dividend yield, Ensco is among the top dividend
payers of S&P 500® companies. Ensco plc is an English
limited company (England No. 7023598) with its registered office and
corporate headquarters located at 6 Chesterfield Gardens, London W1J
5BQ. To learn more, visit our website at http://www.enscoplc.com/.
Source: Ensco plc