Deepwater Titan

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escveritas
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Deepwater Titan

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Sembcorp Marine's Jurong Shipyard Secures US$1.08 Billion in Contracts from Transocean to Build Two Drillships with Options for Three Additional Drillships

Singapore, Feb 27, 2014

Sembcorp Marine’s subsidiary Jurong Shipyard has signed two contracts for US$540 million each to build two drillships with options for three additional units from a subsidiary of Transocean Ltd (Transocean).

Scheduled for delivery in 2Q 2017 and 1Q 2018, the drillships will be built based on Jurong Shipyard’s proprietary Jurong Espadon III design which represents the next generation of high specification drillships with advanced capabilities for operational efficiency and ultra-deepwater development drilling operations worldwide. Specifically designed for enhanced drilling operations, the drillships are equipped with state-of-the-art drilling facilities, a large moon pool to cater for a larger riser angle and bilge boxes designed for superior motion characteristics. The drillships also feature larger deck space with enclosed riser bay and round mud pits inside the hull for operational efficiency and safety. Equipped with DP-3 (Dynamic Positioning Class 3) capabilities, the drillships will be capable of operating at 12,000 ft water depth and drilling to depths of 40,000 ft, with accommodation facilities for a crew of 220 personnel.

Mr William Gu, General Manager of Jurong Shipyard’s Offshore Division said "We are pleased that Transocean has chosen Jurong Shipyard as a strategic partner to build their drillships with us. We would like to thank Transocean for selecting us and for their confidence in our Jurong Espadon III design and capabilities."

Transocean currently owns and operates six drilling rigs built by Sembcorp Marine’s yards, including three jack-ups and one semi-submersible delivered by PPL Shipyard and two semi-submersibles built by Jurong Shipyard."

The contracts are not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2014.
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Re: Deepwater Titan

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Transocean delays Jurong drillship delivery again

October 21, 2019, by Offshore Energy Today

Offshore drilling contractor Transocean has delayed the delivery of one of the two ultra-deepwater drillships it has under construction at the Sembcorp Marine’s Jurong Shipyard in Singapore.

Transocean ordered the two ultra-deepwater drillships of the Jurong Espadon III design from Jurong back in 2014, for a price of $540 million each. They were initially scheduled for delivery in 2Q 2017 and 1Q 2018.

In June 2015, the drilling contractor and the shipyard agreed to defer the delivery for the second quarter of 2019 and the first quarter of 2020, respectively.

Come April 2016, another delay was agreed with the rigs – still without contracts secured – slated for delivery during the first and third quarter of 2020.

In October 2017, Transocean agreed with Jurong Shipyard to enhance the two drillships by increasing the hook load capacity to three million pounds.

With the upgrade, Transocean further delayed the delivery dates on each rig, with the drillships then expected to be delivered in the second and fourth quarter of 2020.

The company then, on December 31, 2018, scored a hefty contract – Transocean’s largest since 2013 – for one of the two units with Chevron. This rig is expected to begin its contract in the Gulf of Mexico in the fourth quarter of 2021.

It is not clear when precisely the rig is expected to be delivered, as the contract with Chevron calls for significant upgrades on the rig, including two 20,000 pounds per square inch blowout preventers.

As for the second rig under construction at Jurong, JSPL Ultra-Deepwater Drillship TBN 1, the delivery date has been postponed again.

Transocean has previously said that the drillship, which does not have a contract, would be delivered in the second quarter of 2020. However, according to the fleet status report issued last week, the delivery of the TBN1 drillship has now been postponed for the third quarter of 2020.

Offshore Energy Today has reached out to Transocean and Sembcorp Marine, a parent company of Jurong Shipyard, seeking more info on the reasons behind the delay. Neither of the two companies responded.

Worth noting, while the original price for the two drillships at the time of the order in 2014 was $540 million each, Transocean in its annual report earlier this year shared that the final cost for the two units would be ~$1,93 billion ($1,05 billion for the Titan (TBN2), and $885 million for the TBN1 drillship).
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Re: Deepwater Titan

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Transocean Ltd. Announces Agreement with Shipyard to Delay Delivery, Defer Payments of Newbuild, Ultra-Deepwater Drillships

STEINHAUSEN, Switzerland, June 07, 2021 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that it has agreed with Sembcorp Marine’s subsidiary, Jurong Shipyard Pte Ltd (JSPL), on the delayed delivery of the ultra-deepwater drillships Deepwater Atlas and Deepwater Titan. As part of the agreement, JSPL has agreed to accept deferred payment for both rigs.

The Deepwater Atlas and Deepwater Titan are the world’s first eighth generation ultra-deepwater drillships and only rigs to feature a 3,000,000 pound hook-load. These drillships are the most capable and highest specification rigs in the world and will include the first 20,000 psi well control system. In addition to their state-of-the-art drilling capabilities, these rigs are also designed and equipped to optimize fuel consumption, reduce emissions, and thus minimize the associated carbon footprint of each offshore project.

Deepwater Titan: Delivery of the drillship is now expected to be in May 2022. Upon delivery, Transocean will pay JSPL 80% of amounts owed, or approximately $350 million. Twenty percent (20%) of amounts owed, or approximately $90 million will be deferred and payable over a five-year period following delivery pursuant to a deferred payment arrangement with the shipyard.

Transocean also has agreed with Chevron U.S.A., Inc. (Chevron) that commercial operations of the Deepwater Titan are expected to commence in the first quarter of 2023. Transocean’s contract with Chevron maintains its duration and estimated backlog of $830 million, excluding mobilization and reimbursables.

Payments under each arrangement will be made in accordance with the respective payment schedules over the terms of each arrangement. Principal balances will carry an interest rate of 4.5% per annum.

“These agreements clearly represent a monumental achievement for Transocean. As the result, we will take delivery of the two highest specification ultra-deepwater drillships in the world, and the only two assets capable of drilling and completing 20,000 psi wells. Notably, as a critical element of these agreements, we will receive shipyard financing, which materially improves our year-end 2022 liquidity by over $450 million, thus extending our runway and providing us with additional investment flexibility as the industry recovers,” said Jeremy Thigpen, President and CEO.

Thigpen concluded: “On behalf of Transocean, I sincerely thank JSPL, Chevron, and Beacon Offshore for their significant contributions to this process. I would especially like to thank our customers, as these agreements clearly demonstrate the trust that they have in Transocean’s track record of successfully introducing revolutionary new technologies to the industry, and the confidence that they have in our ability to consistently deliver safe, reliable and efficient drilling operations across our global fleet. We are extremely excited about these initial campaigns for the Deepwater Atlas and Deepwater Titan and we are excited about the expanding list of 20,000 psi opportunities requiring the extraordinary capabilities of these rigs.”
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Re: Deepwater Titan

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Sembcorp Marine Delivers Deepwater Titan – World’s Second 8th-Generation Drillship, First with 20,000-psi Capability
  • Landmark delivery of Deepwater Titan, the world’s second 8th-generation ultra-deepwater drillship, and first with 20,000-psi capability, is a testament to Sembcorp Marine’s demonstrated expertise in providing innovative and differentiated drillship solutions for the offshore industry
  • Featuring Sembcorp Marine’s proprietary Jurong Espadon 3T design, Deepwater Titan is the Group’s game-changing 8th-generation drillship built for Transocean with breakthrough capabilities poised to set new benchmarks for the future of offshore drilling
Singapore, 29 December 2022 – Sembcorp Marine Ltd (the “Company”, together with its subsidiaries, the “Group”, or “Sembcorp Marine”) has completed the successful delivery of the world’s second 8th-generation drillship, the Deepwater Titan, to Transocean’s subsidiary Triton Titan GmBH (“Transocean”).

Deepwater Titan is the second 8th-generation drillship constructed by Sembcorp Marine based on the Group’s Jurong Espadon 3T design. Set to redefine standards for offshore drilling, the dual-derrick drillship is the first-ever unit delivered with two 20,000-psi blowout preventers (BOPs), well-control, riser, and piping systems for high-pressure and high-temperature drilling and completion operations. The most advanced of its kind in the industry, and along with its sister rig the Deepwater Atlas, Deepwater Titan is also equipped with three-million-pound hook-load hoisting capacity and capabilities to drill up to 40,000 feet and operate in water depths of up to 12,000 feet.

The drillship is designed for enhanced safety, efficiency and sustainability, incorporating greener features for energy efficiency, fuel optimisation and reduced emissions consistent with the industry’s goal of contributing to a lower carbon future.

The landmark delivery of Deepwater Titan repeats the successful handover of the first newbuild 8th-generation drillship Deepwater Atlas delivered by Sembcorp Marine earlier this year and reaffirms the Group’s proven track record in providing next-generation turnkey offshore construction solutions for the oil and gas market. Following the delivery, Deepwater Titan is scheduled for deployment on a five-year contract in the U.S. Gulf of Mexico.

Sembcorp Marine Head of Rigs and Floaters Mr William Gu said: “We are elated to mark yet another major milestone with the delivery of Sembcorp Marine’s second newbuild ultra-deepwater drillship, Deepwater Titan, to Transocean. The most advanced of their kind in the industry, both drillships – constructed based on the Group’s proprietary Jurong Espadon 3T design – represent the next-generation of ultra-deepwater assets with breakthrough capabilities, including a three-million-pound hook-load capacity, and greener features that set new benchmarks for the industry.”

Mr Wong Weng Sun, Sembcorp Marine President & CEO, said: “The landmark delivery of the world’s second 8th-generation ultra-deepwater drillship, Deepwater Titan, and first with 20,000-psi BOPs, to Transocean attests to Sembcorp Marine’s demonstrated expertise in providing innovative and differentiated drillship solutions for the offshore industry. We are heartened that our close collaboration with Transocean has culminated in the successful completion of two game-changing drillships that are charting new frontiers and redefining standards for the future of offshore drilling.”
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