Five-year delay! The world's first eighth-generation ultra-deepwater drilling rig is officially delivered
2022-07-04 09:00
After a five-year delay, Sembcorp Marine's Deepwater Atlas, the world's first eighth-generation ultra-deepwater drillship, has finally been officially delivered.
On June 29, Sembcorp Marine announced that the Deepwater Atlas had been successfully delivered to Triton Atlas GmBH, a subsidiary of offshore drilling contractor Transocean. The completion and delivery of this vessel marks a "key milestone" in Sembcorp Marine's offshore construction record, demonstrating the group's "proven ability to deliver innovative and pioneering solutions."
The Deepwater Atlas is the first of a series of two eighth-generation drillships ordered by Transocean from Sembcorp Marine's Jurong Shipyard, using Sembcorp Marine's patented Jurong Espadon 3T design. This type of vessel is equipped with a 3 million-pound hook load and the first 20,000 psi well control system, making it the most powerful and highest-specification drillship in the world.
The Deepwater Atlas has a maximum operating water depth of 12,000 feet and a maximum drilling depth of 40,000 feet, with advanced capabilities to enhance operational safety, efficiency, and performance. The vessel can accommodate 220 crew members, and its design and equipment have been specifically optimized to reduce fuel consumption and emissions, thereby minimizing the carbon footprint of each offshore project.
Wong Weng Sun, President and CEO of Sembcorp Marine, said: "Sembcorp Marine's continued investment in innovation and technological development over the years has enabled the group to move up the value chain and develop industry-leading designs and solutions. We are very pleased to partner with Transocean to raise the bar for the design and construction of next-generation ultra-deepwater drillships."
It is understood that Transocean initially ordered two eighth-generation ultra-deepwater drillships from Sembcorp Marine in 2014, at a cost of approximately US$540 million each, with delivery scheduled for the second quarter of 2017 and the first quarter of 2018. However, due to the downturn in the offshore market, Transocean has postponed the delivery of the drillships several times since 2015.
It is worth mentioning that although the initial price of these two drillships in 2014 was US$540 million, according to Sembcorp Marine's 2018 annual report, the final cost of the two drillships has already reached US$1.93 billion, exceeding the budget by US$850 million. The total cost of the Deepwater Titan was approximately US$1.05 billion, while the total cost of the Deepwater Atlas was approximately US$885 million.
In June 2021, Transocean reached an agreement with Jurong Shipyard to reschedule the delivery of the Deepwater Atlas and Deepwater Titan, as well as the payment terms. In August of the same year, Transocean secured a contract with US crude oil developer BOE Exploration & Production to charter the Deepwater Atlas for drilling work on the Shenandoah project in the US Gulf of Mexico, a contract worth US$252 million, expected to commence operations in the third quarter of 2022.
In addition, Transocean has also signed a charter contract with Chevron for the Deepwater Titan, which is expected to be responsible for drilling the Anchor project in the Gulf of Mexico starting in the first quarter of 2023, with a contract term of five years.
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