Chevron ties deals worth over $1 billion with Transocean
Posted: 06 March 2006
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Chevron has awarded Transocean a deepwater drilling contract that will prompt the construction of a new state-of-the-art drillship exclusively dedicated to Chevron for five years.
The two companies have also signed multiple-year contract extensions for two of Transocean's deepwater drillships currently used by Chevron. The three agreements total approximately $1.7 billion.
The contract for the new drillship is expected to commence during the second quarter of 2009. After an estimated 30-month shipyard construction phase and following sea trials, it will be mobilised to the US Gulf of Mexico for Chevron's acceptance of the ship.
The design of the new drill ship, to be named Discoverer Clear Leader, will include the most advanced drilling capabilities in the offshore drilling industry.
George Kirkland, executive vice president, Chevron Upstream and Gas said: "In the Gulf of Mexico, Chevron has drilled in the deepest water, and we have drilled the deepest well. The new drillship, coupled with our strong organizational capabilities, cutting edge technologies and partnerships, will help us maintain our leading position in deepwater exploration and production."
Construction of the dynamically positioned, double-hull drillship is scheduled to take place at the Daewoo Shipbuilding and Marine Engineering Yard Co., Ltd., in Okpo, South Korea, with an estimated total capital expenditure of approximately $650 million. The drillship will feature a patented dual-activity drilling technology process that utilizes two drilling systems in a single derrick, allowing for parallel drilling operations designed to save time and money in deepwater well construction, compared with conventional rigs.
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