Just when you thought the drillship boom was reaching it's end

[SIZE=2]comes this news…

[SIZE=4]Fred Olsen extends drillship option with Hyundai

Fred Olsen today said it has reached an agreement with Hyundai Heavy Industries to extend its option for a second newbuild drillship originally set to expire this month. The option was included on a US$615 million contract announced in April 2011 for a state-of-the-art ultra-deepwater drillship with delivery set for the 3rd quarter 2013.The new agreement extends the options call date to December 20, 2011. If exercised the newbuild will be delivered in the 1st quarter of 2014.
The new DP drillship will be capable of operating in water depths of up to 12,000 feet, have a seven ram BOP (Blow Out Preventer), dual activity capability, five mud pumps, a 165 ton capacity heave compensated crane, a maximum hook-load capacity of 1,250 tons and an accommodation module housing for up to 210 people.

Hyundai Heavy has won orders for 10 drillships so far this year, more than any other shipbuilder.

In related news, Daewoo Shipbuilding said today it will build a $550-million drill ship for an unnamed North American company, helping the South Korean shipbuilder exceed its yearly target by US$1 billion.

[/B]As much as this news shows that things may have slowed but certainly have not stopped in the drillship building boom the question I ask is who is this “unnamed North American company” who has just placed an order with Daewoo? My money is on Transocean. They order all their newbuilds at Daewoo. Anyway, the count is up to 20 ordered so far this year and it is not over yet!

Let’s roll!


[QUOTE=c.captain;56607]the question I ask is who is this “unnamed North American” who has just placed an order with Daewoo? My money is on Transocean. They order all their newbuilds at Daewoo.[/QUOTE]

Atwood Oceanics

[I]Houston-based drilling contractor Atwood Oceanics Tuesday revealed that one of its subsidiaries is the mystery buyer in an ultra-deepwater drillship construction contract announced Monday by Daewoo Shipbuilding and Marine Engineering. The US$600 million drillship, to be named Atwood Achiever, will be built at DSME’s yard in South Korea and is expected to be delivered by June 30, 2014.

The Atwood Achiever is the second ultra-deepwater drillship ordered by Atwood Oceanics and will be identical to the previously ordered Atwood Advantage. The Atwood Achiever will be a DP-3 dynamically-positioned, dual derrick ultra-deepwater drillship rated to operate in water depths of up to 12,000 feet and drill to a depth of 40,000 feet. It will also come equipped with enhanced technical capabilities, including a 7-ram blowout preventer, three 100 ton knuckle boom cranes, a 165 ton active heave “tree-running” knuckle boom crane, and 200 person accommodations.

This order marks the execution of the first of two options that Atwood Oceanics retained on its contract with DSME. The remaining option requires commitment by July 31, 2012.

DSME said yesterday that the drillship order from an “unnamed North American company” helped the South Korean shipbuilder exceed its annual order target of US$11 billion by 9%.[/I]

Via [I]gCaptain[/I]

So, they took the option. Jesus, keep 'em coming is all I can say. The pool of talent is getting even smaller now; pay will continue to rise. Seasoned unlimited guys are getting opportunities from the workboats, and that pay will eventually rise as well to retain talent. The only problem is when talent is spread thing, the accidents and incidents usually rise.