Deepwater Atlas

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escveritas
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Deepwater Atlas

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Deepwater Atlas is a drillship on order from Sembcorp Marine's subsidiary, Jurong Shipyard. As a result of certain delays, the timing for the delivery of the rig is currently being assessed. Additionally, Transocean signed a conditional agreement with Beacon Offshore Energy for drilling services related to drill its Shenandoah project in the U.S. Gulf of Mexico, which requires a 20,000 psi well control system.

The Shenandoah project and associated drilling services are subject to Final Investment Decision (FID) from Beacon Offshore Energy and its partners, which is expected to be made on or prior to March 31, 2021. The total contract value based upon the conditional agreement is estimated to be approximately $250 million. However, no backlog will be recognized until the project is sanctioned.
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Re: Deepwater Atlas

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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 Atlas: Delivery of the drillship is now expected to be in December 2021. Upon delivery, Transocean will make a $50 million payment to JSPL; the balance of payments owed to the shipyard, or approximately $370 million, will be payable during a five-year period following delivery pursuant to a secured financing arrangement with the shipyard.

Transocean also has agreed with BOE Exploration & Production LLC (Beacon) that drilling operations on the Shenandoah project in the U.S. Gulf of Mexico are expected to commence during the third quarter of 2022. Transocean expects Beacon to commence drilling on its Shenandoah project utilizing the Deepwater Atlas following a final investment decision from Beacon and its partners. That decision is expected to be made on or before July 31, 2021.

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 Atlas

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Transocean Ltd. Secures $252 Million Contract for Newbuild, Ultra-Deepwater Drillship

August 26, 2021

STEINHAUSEN, Switzerland, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that BOE Exploration & Production LLC (“BOE”) awarded Transocean a $252 million firm contract for its newbuild ultra-deepwater drillship, the Deepwater Atlas, including a mobilization fee of $30 million. Additionally, the contract provides for a significant performance bonus opportunity based upon agreed operating metrics.

This award results from the final investment decision of BOE and the Shenandoah working interest owners to sanction the previously announced Shenandoah project in the U.S. Gulf of Mexico.

The Shenandoah program comprises two phases. Once delivered from the shipyard, the Deepwater Atlas is expected to commence operations in the third quarter of 2022, initially using dual blowout preventers (“BOP”) rated to 15,000 psi. The initial drilling program is expected to last approximately 255 days and result in approximately $80 million of contract drilling revenue.

Upon completion of the initial drilling program, a 20,000 psi BOP will be installed on the rig, making it Transocean’s second asset with a 20,000 psi-rated well control system. The BOP installation and commissioning is expected to last 45 to 60 days, contributing approximately $17 million of revenue. Following the 20,000 psi BOP installation, the Deepwater Atlas will commence the second phase of the project – the well completion program. This phase is expected to last approximately 275 days and contribute approximately $125 million of contract drilling revenue.

“This is a significant milestone for Transocean, BOE and the Shenandoah partners, as we jointly venture into this new frontier of ultra-deepwater drilling,” said President and Chief Executive Officer, Jeremy Thigpen. “We are extremely pleased to have secured the maiden contract for the Deepwater Atlas; the first of our two 8th generation ultra-deepwater drillships that will enter the market in 2022, both of which will be outfitted for 20,000 psi ultra-deepwater well operations. We are very encouraged by the growing list, across multiple customers, of 20,000 psi opportunities in the U.S. Gulf of Mexico. And, with the only two assets in the world specifically designed to maximize efficiencies for 20,000 psi well completions, we are the undisputed market leader in this space, and thus excited about the future prospects for these state-of-the art assets.”
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Re: Deepwater Atlas

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Sembcorp Marine Delivers World’s First Eighth-Generation Drillship

Singapore, 29 June 2022 – Sembcorp Marine Ltd (the “Company”, together with its subsidiaries, the “Group”, or “Sembcorp Marine”) has successfully completed the delivery of the world’s first eighth-generation drillship, the Deepwater Atlas, for Transocean’s subsidiary Triton Atlas GmBH (“Transocean”).



The completion of Deepwater Atlas marks a key milestone in Sembcorp Marine’s offshore construction track record. The vessel’s successful delivery is a testament to the Group’s proven capabilities in providing innovative and pioneering solutions.

Deepwater Atlas is the first of two ultra-deepwater drillships based on the Group’s proprietary Jurong Espadon 3T design. The completed drillship features three-million-pound hook-load hoisting capacity and sets a new frontier for next generation drillships with its ability to accommodate well control systems for 20,000 psi (pounds per square inch) drilling and completion operations.

Capable of operating at 12,000 feet water depth and drilling to depths of 40,000 feet, Deepwater Atlas represents a breakthrough in the industry with leading-edge capabilities for enhanced operational safety, efficiency and performance. With capacity to accommodate a crew of 220, the drillship is designed and equipped to optimise fuel consumption and lower emissions to support the industry’s commitment to a reduction in carbon footprint.

Sembcorp Marine Head of Rigs and Floaters Mr William Gu said, “We are very pleased to achieve the delivery of Deepwater Atlas and to set many record firsts in the process. It gives us great pride to have designed and built for Transocean, the world’s first eighth-generation drillship of the highest industry specification, complete with a three-million-pound hook-load and breakthrough capabilities for 20,000 psi drilling operations.”

Mr Wong Weng Sun, Sembcorp Marine President & CEO, said, “Sembcorp Marine’s continuous investments in innovation and technology development over the years have enabled the Group to move up the value chain to develop industry-leading designs and solutions. We are very pleased to partner Transocean to raise the bar for the design and build of the next generation ultra-deepwater drillships.”
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