Offshore drilling giant Seadrill is to expand its fleet after ordering four new ultra-deepwater ships.
The new vessels, which will cost around £398million each, are to be built in South Korea – two at the Daewoo shipyard and two by Samsung.
The ships will be completed by the second half of 2015, with an option for two further units in 2016 if required. They will be deployed in areas such as Brazil, the African coast and the Gulf of Mexico.
The order means Seadrill now has 22 new craft, including 9 drillships and 11 jack-up rigs, under construction as it struggles to meet demand.
“We have been able to use the current weakness in the shipbuilding industry to order drilling units at very attractive price levels,” said Seadrill chairman John Fredriksen.
“At the same time we are securing future growth by continuing to build a homogenous fleet with all the operational benefits which come from fleet standardization.”
The company said it expects the new craft to be financed through existing cash and structured debt facilities, and will not impact on current equity.
Demand for deep-water drilling vessels remains high, with only seven uncontracted newbuilds available for 2015 ahead of the new order.
“We are comfortable that based on our current asset composition, quality of operation and capital structure we will be able to keep our target of delivering better returns for our shareholders than any of our industry peers,” Seadrill said in a statement.
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