ENSCO International Announces Agreement to Construct New Ultra-Deepwater Semisubmersible Rig
ENSCO International Incorporated (NYSE:ESV) announced that one of its subsidiaries has entered into an agreement with the Keppel FELS Limited (Keppel FELS) Shipyard in Singapore to construct an ultra-deepwater semisubmersible rig to be named ENSCO 8502. The total project cost of ENSCO 8502 is currently expected to be approximately $385 million, with expected delivery to be late in the fourth quarter of 2009. ENSCO 8502 is the Company’s third semisubmersible rig in the 8500 Series(TM), and the Company’s fourth deepwater semisubmersible rig, joining ENSCO 7500, delivered in 2000, and ENSCO 8500 and ENSCO 8501, which are under construction by Keppel FELS. ENSCO 8500 and ENSCO 8501 are expected to be delivered in the second quarter of 2008 and first quarter of 2009, respectively, and are both committed under long-term drilling contracts upon delivery.