Frigstad Deepwater's ultra-deepwater newbuilds on schedule


Frigstad Deepwater's ultra-deepwater newbuilds on schedule

LIMASSOL -- The steel cutting ceremony for the first ultra-deepwater drilling unit ordered by Frigstad Deepwater Ltd from CIMC Raffles took place as planned at the Haiyang yard in Shandong province, China, on Wednesday, confirming that the project is on schedule.

The steel cutting was initiated in the presence of government officials and invited guests, including Mr Harald Frigstad, Chairman of the Frigstad Group, Mr Simen Skaare Eriksen, CEO of Frigstad Offshore and Mr Yu Ya, President of CIMC Raffles.

The 7th generation drilling units ordered by Frigstad Deepwater is of the Frigstad D90™ design, developed by Frigstad Engineering and tailor made for safe and efficient exploration and development drilling in ultra-deep
waters. The rigs will be capable of operating in water depths up to 12,000 feet and drilling to a total depth of 60,000 feet. The units will be outfitted with a DP3 dynamic positioning system, full dual activity hydraulic
drilling package with 2 x 1,400 sT hoisting capacity and 2 x seven ram BOPs.

Frigstad Deepwater Ltd has, through its subsidiaries, entered into turnkey construction contracts for the delivery of two ultra-deepwater semisubmersible drilling units from CIMC Raffles, with options for another four units. The first two drilling units are scheduled for delivery at the end of Q4‐2015 and Q2‐2016 respectively and the total project cost is approximately $1.3 billion exclusive of financing cost. The construction, marketing and operation of the rigs will be managed by Frigstad Offshore.

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