Sevan Drilling Eyeing Another Job with Petrobras (Brazil)

Sevan Drilling Eyeing Another Job with Petrobras

Norwegian drilling contractor Sevan Drilling is optimistic about securing charter deals for its under-construction drilling rigs.

The company’s two rigs, currently being built in China, are scheduled for delivery in 4Q 2013 and 2Q 2014.  Sevan Drilling says it has been in talks with oil companies for marketing of the two new builds with the target of obtaining charter contracts ahead of their delivery dates. The rigs are based on Sevan Marine’s unique cylindrical hull design.

“The deepwater drilling market continues to be strong with increasing day rates and Sevan Drilling Rig no 3 and Sevan Drilling Rig no 4 are now among the first available deepwater rigs in the market,” said the company in a statement.

The drilling contractor, a specialist in the ultra deepwater (UDW) segment, predicts that a reduction in oil price as a consequence of slow global economic growth will influence oil companies E & P spending which could have a negative impact on the demand for deepwater drilling rigs.

Sevan Drilling’s rig named Sevan Brasil was recently accepted under the six year charter contract with Petrobras and should start drilling operations this month. The company now sees opportunity for more Petrobras deals.

“Petrobras has contracted 33 deepwater drilling rigs to be built in Brazil. Sevan Drilling expects that Petrobras will have additional demand for rigs to supplement their new build program in order to meet demand while the new builds are under construction. The Company believes that it is well positioned for new drilling contracts with Petrobras,” Sevan Drilling’s statement read.

Founded in 2006, Sevan Drilling is a young gun among deepwater drilling contractors. However, the company believes that, with the help of its innovative rig design, it is capable of capturing a significant share of the global deepwater market over the next decade.

Offshore Energy Today Staff, August 16, 2012