New deepwater semi for ENSCO

ENSCO International has finalized the construction contract for a new utra-deepwater semisubmersible rig, to be named ENSCO 8505.

Keppel FELS shipyard in Singapore will build the rig at a total project cost of around US$537 million. Delivery is expected in the first half of 2012. ENSCO 8505 will be ENSCO's sixth ultra-deepwater rig in the ENSCO 8500 series and part of the company's seven-rig deepwater fleet. Four of the ENSCO 8500 series rigs are contracted for term work beginning upon delivery. The ENSCO 8500 series semisubmersibles are capable of drilling in up to 8.500 feet (2,591 m) of water and feature offline pipe handling capability. The rigs have increased drilling capacity, improved automatic station keeping ability and larger living quarters than ENSCO's previous deepwater design ENSCO 7500. Daniel W. Rabun, ENSCO's chairman, president and chief executive officer, commented: "We expect demand for ultra-deepwater equipment will continue to grow, and that expansion of our 8500 Series deepwater fleet offers an attractive opportunity to participate in this important market. We are excited about the opportunity to again work with Keppel FELS as we pursue a prominent position in deepwater drilling."

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