Ensco orders two ENSCO 140 series jack-up drilling rigs
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, ESV said in a press release.
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.
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.
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.
