Seadrill has acquired the jack-up drilling rig Petrojack IV from Petrojack IV Pte. Ltd., Singapore.

Petrojack IV was delivered from Jurong Shipyard, Singapore in January 2009 and is currently operating for PTTEP offshore Thailand under a long-term contract. Remaining contract period is 3.5 years, lasting until end second quarter 2014. The total purchase price for the rig is approximately US$180 million. The contract value for the 3.5 year remaining assignment is approximately US$165 million

The Petrojack IV, to be renamed West Cressida, is an advanced, high specification jack-up drilling unit. The rig is based on the Baker Marine Pacific Class 375 design. The rig has the capability to operate in water depths up to 375 ft and drill to depths of 30,000ft. The BMC Pacific Class design has higher variable deck load and a higher operating efficiency compared to previous jack-up generations, while the size of the unit creates additional efficiencies within areas such as logistics, off-line pipe handling and simultaneous operations support.

Alf C Thorkildsen, Chief Executive Officer of Seadrill Management AS says, "We continue to be optimistic on the market outlook for premium jack-up rigs. Petrojack IV increases our exposure to this segment and adds earnings growth and visibility at an attractive price. The long-term contract on the rig also provides a good basis for an attractive debt financing."

Tags: Seadrill