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TheStreet Open House

Ensco Plc Takes Delivery Of Newbuild Jackup Rig ENSCO 121

Stocks in this article: ESV

Ensco plc (NYSE: ESV) has taken delivery of ENSCO 121, the second of four ultra-premium harsh environment jackup rigs in its ENSCO 120 Series. The rig is contracted to work in the North Sea beginning in the second quarter of 2014 at a day rate of approximately $230,000.

Chairman, President and Chief Executive Officer Dan Rabun commented, “With our patented cantilever system and other proprietary design features, the ENSCO 120 Series rigs are the most efficient and capable rigs of their class. They are ideal for ultra-deep well programs in challenging shelf environments, and our customers who have now seen these rigs first-hand are impressed with how well the ENSCO 120 Series responds to their needs.”

ENSCO 121 was constructed at the Keppel FELS yard in Singapore and will shortly be en route to Rotterdam for final load out and crew familiarization.

ENSCO 120, the first rig in the series, is under contract in the North Sea. ENSCO 122 will be delivered in the third quarter of 2014 and is contracted for North Sea work as well. In November, based on strong customer demand, Ensco ordered ENSCO 123, the fourth rig in the series, for delivery in the second quarter of 2016.

These new jackup rigs are enhanced versions of the KFELS Super A design. Capable of operating in water depths up to 400 feet, ENSCO 120 Series rigs are designed for the most demanding large multi-well platform programs, ultra-deep gas programs or ultra-long reach wells up to 40,000-ft. total drilling depth. The industry-leading design features of the rigs significantly increase the area of operability in the North Sea and other harsh environment regions.

The rigs have a significantly improved cantilever envelope, 18-3/4-inch 15k 4-ram BOP, 2.5 million-pound quad derrick, enhanced rig floor layout, fully automated hands-free offline pipe handling systems, ultra-high capacity jacking and fixation systems, 150-person quarters and strict noise and ergonomic standards. These features previously were found only in the largest ultra-harsh environment jackup rigs.

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