Ensco Has Taken Delivery Of The Newbuild Rig ENSCO 120, Contracted To Work In The North Sea. In Jackup Trials, The Rig Was Raised To 539 Feet, Setting A New Record For The Keppel FELS Shipyard In Singapore. (Photo: Business Wire)

Ensco plc (NYSE: ESV) has taken delivery of ENSCO 120, the first in its series of three ultra-premium harsh environment jackup rigs. The rig is contracted to work for Nexen in the North Sea beginning in the fourth quarter at a day rate of approximately $230,000 plus cost adjustments.
Ensco has taken delivery of the newbuild rig ENSCO 120, contracted to work in the North Sea. In jack ...

Ensco has taken delivery of the newbuild rig ENSCO 120, contracted to work in the North Sea. In jackup trials, the rig was raised to 539 feet, setting a new record for the Keppel FELS shipyard in Singapore. (Photo: Business Wire)

Chairman, President and Chief Executive Officer Dan Rabun commented, “With the ENSCO 120 Series, we have taken a high-specification rig design and enhanced it with features that make it the most capable rig of its class. The proprietary cantilever system and deep well capabilities of ENSCO 120, paired with our skilled crews’ knowledge and experience in the region, are a winning combination for our customers.”

ENSCO 120 was constructed at the Keppel FELS yard in Singapore and is now en route to the North Sea for final outfitting and crew familiarization. In jackup trials, the rig set a new shipyard record when it was jacked up successfully to 539 feet on its 540-foot legs. The rig also successfully hoisted a 2.5-million-pound hook load at its full cantilever extension.

ENSCO 121, the second rig in the series, is scheduled for delivery in the fourth quarter. It is contracted to work for Wintershall, also in the North Sea.

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 Central North Sea and other harsh environment regions.

If you liked this article you might like

Adobe Systems, Union Pacific, and Procter & Gamble: 'Mad Money' Lightning Round

Stocks Are Guilty by Association: Cramer's 'Mad Money' Recap (Thursday 7/20/17)

Steel Stocks Could Have Up to 50% Upside

Cramer: The Incredible Slow-Motion Crash in Oil Stocks Continues