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Source: Energy Current
HOUSTON, TEXAS: The floating rig market is expected to weather the current global financial storm and emerge relatively strong compared to the over-supplied jackup market. However, no segment of the offshore industry is completely insulated from the current world financial crisis and the drop in oil prices.
Some softening in floating rig day rates and backlog is evident, although the long-term nature of most existing contracts will prevent the floating rig market from going into free-fall if oil prices stabilize this year.
New rig construction slows
The number of new floaters being delivered continues at a steady pace, but the rigs that are being delivered now were obviously ordered months ago, when oil and gas markets were stronger and global energy demand forecasts indicated the world's appetite for hydrocarbons would grow significantly. The pace of new offshore rig orders was slowing anyway, as many yards and equipment suppliers were at full capacity and construction costs increased. The collapse in oil prices and the global financial crisis has taken away opportunities and incentive for speculative new construction, and recent orders are generally on the strength of contract commitments.
For example, Jurong Shipyard has secured a rig order from Gander Drilling Ltd., a subsidiary of SeaDragon Offshore Ltd., to complete and deliver a Moss Maritime full dynamically positioned (DP-3) semisubmersible drilling unit. The deal includes an option for an additional unit.
The six-column bare deck hull, built in a Russian yard, is expected to arrive at Jurong this month. On arrival, the yard will perform the construction, outfitting, furnishing, equipping, testing and completion of the bare deck hull. The contract value for the first unit is US$247.3 million.
This new rig will be built for a water depth rating of 10,000 feet (3,048 m) and maximum drilling depth of 30,000 feet (9,144 m). Scheduled for delivery by the end of 2010, the ultra-deepwater, harsh-environment semi has already secured a five-year charter contract with Mexico's state oil company PEMEX.
Other factors beyond financial issues are having an affect on some rig deliveries. Ensco International Inc. pushed back the commencement of operations of ultra-deepwater semisubmersible ENSCO 8500 from April 2009 to June 2009. The two-month delay is due to a recent decision to install different deck cranes on the rig. Ensco elected to replace the equipment because of mechanical and reliability issues with the original deck cranes.
ENSCO 8500 is contracted to Anadarko and Eni for work in the U.S. Gulf of Mexico. The replacement of ENSCO 8500's cranes is not expected to impact delivery of the other 8500 Series rigs, which are under construction or on order at the Keppel FELS shipyard in Singapore.
ENSCO 8500 the first of seven new ultra-deepwater semisubmersible drilling rigs ordered by Ensco International. The rig will be capable of operating in water depths of up to 8,500 feet (2,591 m) and drill to depths of up to 35,000 feet (10,688 m).
Recent floating rig deliveries include the semisubmersible Deepsea Atlantic that Daewoo Shipbuilding and Marine Engineering (DSME) handed over to its owner, Odfjell Drilling, on Feb. 6.
The sixth generation deepwater semi is capable of drilling to a total depth of 37,500 feet (11,430 m) while operating in up to 10,000 feet (3,048 m) of water. The rig has a contract with StatoilHydro to work offshore Norway for the next four years for production and exploration drilling at the Gullfaks field.
Seadrill has added a trio of new rigs to its fleet with the deliveries of two semisubmersibles and a drillship. Seadrill took delivery of ultra-deepwater drillship West Capella from Samsung Heavy Industries (SHI) in South Korea. After completion and general mobilization activities, the drillship relocated to Nigeria to commence operations under a five-year contract with Total.
The rig is capable of drilling to a total depth of 37,500 feet (11,430 m) while operating in up to 10,000 feet (3,050 m) of water.
In addition, Seadrill has taken delivery of deepwater semi West Aquarius from the DSME shipyard in Pusan, South Korea. After completing mobilization activities, the rig headed to Indonesia to begin a three-year exploration contract with ExxonMobil.
West Aquarius is able to run parallel drilling operations. The rig has a dynamic positioning system, and can operate in water depths of up to 10,000 feet (3,000 m).
Finally, Seadrill took delivery of deepwater semi West Eminence from SHI. The unit has been chartered by Petrobras under a six-year contract for operations in the Santos Basin beginning in June. West Eminence is a sixth generation, high specification, deepwater semi. West Eminence is designed with a dynamic positioning system and a water depth capacity up to 9,842 feet (3,000 m).
Long-term deals still prevalent
A number of new contracts and extensions have been signed for semisubmersibles and drillships during the last quarter. DryShips subsidiary Ocean Rig has received a letter of award from Petrobras for a three-year charter of semi Leiv Eiriksson for exploration drilling in the Black Sea. The contract is valued at US$630 million. The three-year term includes 60 days of mobilization and disassembly and reassembly of the derrick structure for transit through the Bosporus Strait. The contract is expected to commence in direct continuation of the rig's current contract with Shell, which ends in September.
Saipem has been awarded a new contract for the charter of semisubmersible Scarabeo 6 worth approximately US$400 million. The contract has been assigned to Saipem by Burullus Gas Co., extending its charter of Scarabeo 6 to the fourth quarter of 2014. The rig will continue to operate in Egyptian waters where it is presently working for the same client.
Vantage Drilling Co. ultra-deepwater drillship Platinum Explorer has received a five-year contract award from ONGC, while ultra-deepwater drillship Titanium Explorer has received an eight-year contract from a subsidiary of Petrobras. Both rigs are under construction at DSME in Okpo, South Korea.
Upon completion, Platinum Explorer will be mobilized to India in the fourth quarter of 2010. Expected revenues over the five-year contract term are around US$1.1 billion. Titanium Explorer will mobilize in the third quarter of 2011 to the U.S. Gulf of Mexico. Petrobras has the right to re-locate and utilize the Titanium Explorer on a worldwide basis. Expected revenues, excluding mobilization and cost escalations, are around US$1.6 billion.
However, as expected given the current economy, not everything is perfect in the floating rig market.
Houston-based international drilling contractor Atwood Oceanics Inc. is continuing to pursue contract opportunities for semisubmersible Atwood Southern Cross in all of the worldwide markets in which it can work. However, the company does not expect to receive any contract commitments for the rig before the second half of the year. The rig hot stacked in the Canary Islands.
Transocean terminated its agreement with Philippines-based Burgundy Global Exploration Corp. for the use of semisubmersible C. Kirk Rhein, Jr. Transocean canceled the contract as a result of Burgundy failing to post its required escrow. The rig contractor is "pursuing appropriate remedies."
C. Kirk Rhein, Jr. was scheduled to undergo a 45-day mobilization to the Philippines for the contract with Burgundy with day rates of over US$500,000 from February to July, or to December if the option was exercised. Instead, the rig is stacked cold in Malaysia.
Floater demand continues to rise
Global demand for floating drilling rigs continues to outpace supply, but the gap will close somewhat over the next year as new rigs are delivered.
According to data compiled for ODS-Petrodata's World Rig Forecast-Short Term Trends, worldwide floating rig demand will approach 250 rigs early next year, and this will exceed supply by at least 20 rigs. Demand in the deepwater segment is expected to remain strong despite the recent unpleasantness in the global financial and oil markets. However, over the longer term, oil prices in the US$60 to US$80 ranges would be more conducive to high floating rig fleet utilization than would prices in the US$40 to US$50 range.
Some softening in floating rig day rates and backlog is evident, although the long-term nature of most existing contracts will prevent the floating rig market from going into free-fall if oil prices stabilize this year.
New rig construction slows
The number of new floaters being delivered continues at a steady pace, but the rigs that are being delivered now were obviously ordered months ago, when oil and gas markets were stronger and global energy demand forecasts indicated the world's appetite for hydrocarbons would grow significantly. The pace of new offshore rig orders was slowing anyway, as many yards and equipment suppliers were at full capacity and construction costs increased. The collapse in oil prices and the global financial crisis has taken away opportunities and incentive for speculative new construction, and recent orders are generally on the strength of contract commitments.
For example, Jurong Shipyard has secured a rig order from Gander Drilling Ltd., a subsidiary of SeaDragon Offshore Ltd., to complete and deliver a Moss Maritime full dynamically positioned (DP-3) semisubmersible drilling unit. The deal includes an option for an additional unit.
The six-column bare deck hull, built in a Russian yard, is expected to arrive at Jurong this month. On arrival, the yard will perform the construction, outfitting, furnishing, equipping, testing and completion of the bare deck hull. The contract value for the first unit is US$247.3 million.
This new rig will be built for a water depth rating of 10,000 feet (3,048 m) and maximum drilling depth of 30,000 feet (9,144 m). Scheduled for delivery by the end of 2010, the ultra-deepwater, harsh-environment semi has already secured a five-year charter contract with Mexico's state oil company PEMEX.
Other factors beyond financial issues are having an affect on some rig deliveries. Ensco International Inc. pushed back the commencement of operations of ultra-deepwater semisubmersible ENSCO 8500 from April 2009 to June 2009. The two-month delay is due to a recent decision to install different deck cranes on the rig. Ensco elected to replace the equipment because of mechanical and reliability issues with the original deck cranes.
ENSCO 8500 is contracted to Anadarko and Eni for work in the U.S. Gulf of Mexico. The replacement of ENSCO 8500's cranes is not expected to impact delivery of the other 8500 Series rigs, which are under construction or on order at the Keppel FELS shipyard in Singapore.
ENSCO 8500 the first of seven new ultra-deepwater semisubmersible drilling rigs ordered by Ensco International. The rig will be capable of operating in water depths of up to 8,500 feet (2,591 m) and drill to depths of up to 35,000 feet (10,688 m).
Recent floating rig deliveries include the semisubmersible Deepsea Atlantic that Daewoo Shipbuilding and Marine Engineering (DSME) handed over to its owner, Odfjell Drilling, on Feb. 6.
The sixth generation deepwater semi is capable of drilling to a total depth of 37,500 feet (11,430 m) while operating in up to 10,000 feet (3,048 m) of water. The rig has a contract with StatoilHydro to work offshore Norway for the next four years for production and exploration drilling at the Gullfaks field.
Seadrill has added a trio of new rigs to its fleet with the deliveries of two semisubmersibles and a drillship. Seadrill took delivery of ultra-deepwater drillship West Capella from Samsung Heavy Industries (SHI) in South Korea. After completion and general mobilization activities, the drillship relocated to Nigeria to commence operations under a five-year contract with Total.
The rig is capable of drilling to a total depth of 37,500 feet (11,430 m) while operating in up to 10,000 feet (3,050 m) of water.
In addition, Seadrill has taken delivery of deepwater semi West Aquarius from the DSME shipyard in Pusan, South Korea. After completing mobilization activities, the rig headed to Indonesia to begin a three-year exploration contract with ExxonMobil.
West Aquarius is able to run parallel drilling operations. The rig has a dynamic positioning system, and can operate in water depths of up to 10,000 feet (3,000 m).
Finally, Seadrill took delivery of deepwater semi West Eminence from SHI. The unit has been chartered by Petrobras under a six-year contract for operations in the Santos Basin beginning in June. West Eminence is a sixth generation, high specification, deepwater semi. West Eminence is designed with a dynamic positioning system and a water depth capacity up to 9,842 feet (3,000 m).
Long-term deals still prevalent
A number of new contracts and extensions have been signed for semisubmersibles and drillships during the last quarter. DryShips subsidiary Ocean Rig has received a letter of award from Petrobras for a three-year charter of semi Leiv Eiriksson for exploration drilling in the Black Sea. The contract is valued at US$630 million. The three-year term includes 60 days of mobilization and disassembly and reassembly of the derrick structure for transit through the Bosporus Strait. The contract is expected to commence in direct continuation of the rig's current contract with Shell, which ends in September.
Saipem has been awarded a new contract for the charter of semisubmersible Scarabeo 6 worth approximately US$400 million. The contract has been assigned to Saipem by Burullus Gas Co., extending its charter of Scarabeo 6 to the fourth quarter of 2014. The rig will continue to operate in Egyptian waters where it is presently working for the same client.
Vantage Drilling Co. ultra-deepwater drillship Platinum Explorer has received a five-year contract award from ONGC, while ultra-deepwater drillship Titanium Explorer has received an eight-year contract from a subsidiary of Petrobras. Both rigs are under construction at DSME in Okpo, South Korea.
Upon completion, Platinum Explorer will be mobilized to India in the fourth quarter of 2010. Expected revenues over the five-year contract term are around US$1.1 billion. Titanium Explorer will mobilize in the third quarter of 2011 to the U.S. Gulf of Mexico. Petrobras has the right to re-locate and utilize the Titanium Explorer on a worldwide basis. Expected revenues, excluding mobilization and cost escalations, are around US$1.6 billion.
However, as expected given the current economy, not everything is perfect in the floating rig market.
Houston-based international drilling contractor Atwood Oceanics Inc. is continuing to pursue contract opportunities for semisubmersible Atwood Southern Cross in all of the worldwide markets in which it can work. However, the company does not expect to receive any contract commitments for the rig before the second half of the year. The rig hot stacked in the Canary Islands.
Transocean terminated its agreement with Philippines-based Burgundy Global Exploration Corp. for the use of semisubmersible C. Kirk Rhein, Jr. Transocean canceled the contract as a result of Burgundy failing to post its required escrow. The rig contractor is "pursuing appropriate remedies."
C. Kirk Rhein, Jr. was scheduled to undergo a 45-day mobilization to the Philippines for the contract with Burgundy with day rates of over US$500,000 from February to July, or to December if the option was exercised. Instead, the rig is stacked cold in Malaysia.
Floater demand continues to rise
Global demand for floating drilling rigs continues to outpace supply, but the gap will close somewhat over the next year as new rigs are delivered.
According to data compiled for ODS-Petrodata's World Rig Forecast-Short Term Trends, worldwide floating rig demand will approach 250 rigs early next year, and this will exceed supply by at least 20 rigs. Demand in the deepwater segment is expected to remain strong despite the recent unpleasantness in the global financial and oil markets. However, over the longer term, oil prices in the US$60 to US$80 ranges would be more conducive to high floating rig fleet utilization than would prices in the US$40 to US$50 range.
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