Smedvig has exercised an option with Keppel FELS in Singapore for a new semisubmersible self-erecting tender rig. Capital expenditure for the new semi-tender is estimated at $105 million, of which Smedvig's share is $33 million.
Offshore staff
Smedvig has exercised an option with Keppel FELS in Singapore for a new semisubmersible self-erecting tender rig. Capital expenditure for the new semi-tender is estimated at $105 million, of which Smedvig's share is $33 million.
Keppel will build and own the semisubmersible hull, and Smedvig will own the derrick equipment set. Smedvig will also be responsible for marketing, managing, and operating the unit for 10 years. The agreement includes an option for Smedvig to purchase the semisubmersible hull during the 10-yr period at a pre-agreed price.
The new semi-tender will be based on a design and specification similar to Smedvig's West Setia, but will feature several improvements on the original design. The new unit targets deepwater drilling operations in combination with floating wellhead platforms such as TLPs and spars in benign waters. The semi-tender is scheduled for delivery in 4Q 2006.
