Buccaneer to Acquire Transocean Jackup

- Buccaneer to Acquire Transocean Jackup

Thursday, September 01, 2011
Buccaneer Energy Ltd.

Buccaneer advised that its subsidiary Kenai Offshore Ventures, LLC ("KOV") has executed a binding Purchase Agreement with Transocean to acquire the GSF Adriatic XI offshore jackup rig ("Rig"). The total purchase price is US $68.5 million.

Settlement of the purchase is scheduled to take place between 30 September 2011 and 25 October 2011. Upon settlement, the Rig will immediately be transported to an Asian based shipyard to undergo modifications to enable operations in the Cook Inlet, Alaska. KOV is in the process of finalizing modification and mobilization budgets.

It is anticipated that the Rig will arrive in the Cook Inlet for the 2012 drilling season in April / May 2012.

Buccaneer anticipates contracting day to day operation of the Rig out to an established rig operator, additionally senior members of Buccaneer’s existing management team have direct jackup rig operating experience.

GSF Adriatic XI Jackup Rig

The GSF Adriatic XI jackup rig is a Marathon LeTourneau 116-C jackup rig. It was first constructed in 1982. The Rig was upgraded in 2004.

The Rig has been "cold-stacked" in Malaysia since September 2009 due to a lack of drilling commitments. KOV and its advisors have already completed two inspections of the Rig whilst cold stacked and consider the Rig to be in good condition.

Shipyard work to be undertaken in the second half of 2011 and early 2012 to the Rig include:

• Bringing the Rig back into operation after being cold-stacked;
• Improvements to the accommodation quarters; and
• Modifications to "winterize" the Rig for Alaskan conditions.

The work will not include any significant structural work.

The Company will give weekly drilling updates commencing Wednesday 7 September.

GSF Adriatic XI Capabilities

The GSF Adriatic XI jackup rig was selected through a global search process. Its existing capabilities make it suitable for most water depths that exist in the Cook Inlet and northern Alaskan waters.

These capabilities include:

• Operate in water depths up to 300 feet;
• Constructed of -10o Celsius rated steel allowing it to work safely in the wide environmental envelope that exists in the Arctic including the Chukchi and Beaufort Sea which are located offshore the North Slope;
• Two (2) sets of blow out protectors ("BOPs"), both 10,000 and 15,000 PSI, giving it capacity to drill high pressure horizons that exist in the Cook Inlet;
• Cantilever beam extensions that enhance its ability to work over existing platforms in the Cook Inlet to undertake drilling and repair operations; and
• Four (4) cranes and a high variable deck load rating of 8,300 KLBS which enable it to operate with extra equipment and materials onboard should support services be limited.

Initial Work Program

Buccaneer will have the first right of refusal with KOV to utilize the Rig until 31 December 2014 and Buccaneer will commit to drill a minimum of 4 wells in the Cook Inlet using the Rig.

The first well to be drilled by the Adriatic XI will be located on Buccaneer's 100% owned Southern Cross project where Netherland, Sewell & Associates have estimated Proven & Probable (2P) Reserve of 12.7 MMBOE and additional P50 Resource of 14.7 MMBOE.

The Southern Cross project is in approximately 50 feet of water with no unusual technical hurdles to drill and develop. Southern Cross is within 5 miles of four significant oil and gas fields with a combined production of 1.1 Billion BO and over 550 BCF of gas.

Buccaneer's initial test will offset several wells on its leasehold that tested oil and gas but were never produced. Buccaneer's first well is approximately 300 feet from the Pan Am 17595 # 3 (circa 1960's) which tested 230 feet oil and 1080 feet of mud cut oil from the Lower Tyonek and 165 feet of oil from the Hemlock.

It will also be structurally high to the Pan Am 17595 # 2 (circa 1960's) which tested the Lower Hemlock and recovered gas to the surface followed by fluid from which 990 feet of clean oil was recovered. Other wells on the lease tested gas from the Upper Tyonek. Buccaneer's well will be within the demonstrated hydrocarbon column for this area.

Financing

KOV anticipates that the total budget to acquire, modify and mobilize the Rig to the Cook Inlet will be approximately US $86.5 million.
KOV expects the funding to be sourced from:

• Kenai Offshore Ventures, LLC ("KOV") $6.85 MM
• Alaska Industrial Development and Export Authority (“AIDEA”) $24.0 - $30.0 MM
• Senior Debt Facility $50.0 - $56.0 MM

Buccaneer Energy owns a 50% direct interest in KOV with its 50% joint venture partner being Singaporean based Ezion Holdings Limited ("Ezion") with each funding an equal 50% of the required US $6.85 million deposit.

The Joint Ownership Agreement ("JOA") with AIDEA was executed with AIDEA on the 2 June 2011. Under the JOA, AIDEA will invest US $24.0 - US $30.0 million in the form of Preferred Interest in KOV subject to a series of conditions precedents ("CPs") being met.

In addition, KOV has separately received a credit approved term sheet from an Asian based international bank to provide a Senior Debt Facility of between US $50 – US $56 million. Final loan documentation is now in the process of being finalized.

KOV anticipates satisfaction of all CP's for both the Senior Debt Facility and AIDEA by late September 2011. The total amount of finance being sourced under the Senior Debt facility and AIDEA will not exceed in aggregate US $80.0 million. Further details of the financing terms will be announced upon the completion of the acquisition.

Commentary

Director of Buccaneer Energy, Dean Gallegos said, "This is another major milestone for Buccaneer.

"In order to drill the first well at its 100% owned Southern Cross Project in April/May 2012 a jackup rig was required. Since no suitable rig was available forming KOV and sourcing the funding has been a priority for the Company. Netherland, Sewell & Associates has estimated 73.3 MMBOE in combined 2P Reserves and P50 Resources to the Company's two offshore Cook Inlet projects.

"The acquisition of the Adriatic XI jackup rig begins the process of unlocking the substantial value in the Company’s offshore Alaskan projects.”

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Northern Offshore Secures New Contract for Jackup Energy Enhancer

- Northern Offshore Secures New Contract for Jackup Energy Enhancer

Thursday, September 01, 2011
Northern Offshore Ltd.

Northern Offshore announced that its subsidiary, Northern Offshore U.K. Limited, was awarded a contract from Maersk for the jackup Energy Enhancer. The award is subject to approval by the Danish Energy Authority. The contract, for operations in the Danish Sector of the North Sea, has an initial duration of one year and is scheduled to commence in early 2012. Maersk has options to extend the contract for up to three further years. The contract value for the initial term is US $35.7 million.

Gary W. Casswell, Northern Offshore's president and CEO, said "We are very pleased with this contract award as it provides us with the opportunity to further strengthen our long-term relationship with Maersk. This award, in conjunction with our Energy Endeavour contract announced in February, secures our second rig in Denmark and represents an improving market in the North Sea for this rig class, as we have expected."

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Escopeta's Jackup Arrives in Cook Inlet, Set to Drill

- Escopeta's Jackup Arrives in Cook Inlet, Set to Drill

Monday, August 15, 2011
Alaska Journal of Commerce
by Tim Bradner

Spartan Drilling Co.'s Blake 151 jackup rig arrived Aug. 7 in Cook Inlet and cleared U.S. Customs before proceeding to an exploration location in upper Cook Inlet Aug. 10, a spokesman for Escopeta Oil and Gas Co. said.

The rig waited briefly in Kachemak Bay near Homer, Escopeta spokesman Steve Sutherland said in an interview.

"We [held] in Kachemak Bay until we clear customs and finalize some matters with the state Department of Natural Resources. We expect to be moving the rig to the drilling location in the Kitchen Light Unit," Sutherland said.

Escopeta has most of the permits it needs from the state. "Escopeta has an approved plan of operations from Department of Natural Resources," agency spokeswoman Elizebeth Bluemink said. "We plan an informal inspection after they arrive at the drill site but we don't have any pending DNR permits. What's still pending will come from other agencies, the AOGCC (Alaska Oil and Gas Conservation Commission) drilling permit, for example."

"We approved the plan of operations in July. The plan covers drilling related activities and not the transit period to get to the drill site," Bluemink said.

Escopeta is the main leaseholder in the Kitchen Lights Unit and will be operator of the exploration well.

If the rig moves to the location and successfully spuds the well it will qualify for a special state exploration incentive that will pay up to 100 percent of the first $25 million of costs of the first exploration well drilled with a jackup rig in Cook Inlet. Wells drilled by the same rig are eligible for follow-on incentives for the second and third exploration wells, of 90 percent of costs up to $22.5 million on the second well and 80 percent f the first $20 million for the third well.

However, the wells must be drilled for different companies.

The Blake 151 was towed from Vancouver, B.C. To Cook Inlet by three Foss Maritime Co. tugs. The rig was in Vancouver for several weeks undergoing modifications after being moved to the west Canadian city from the U.S. Gulf of Mexico by a Chinese heavy-left vessel.

The rig movement from the gulf was controversial because Escopeta's original plan was to move it directly to Cook Inlet after obtaining a waiver of the U.S. Jones Act from the Department of Homeland Security.

The rig was diverted to Canada after Homeland Security Secretary Janet Napolitano turned down the waiver request. U.S. Shipping interests who work to protect the Jones Act had urged Napolitano to turn down the waiver.

The Jones Act requires shipments of cargo between U.S. Ports to be made with American-built ships. Escoptea hired the Chinese heavy-lift ship because no U.S. Vessels were capable of moving the rig safely around the tip of South America, where there are rough seas, company president Danny Davis said earlier.

U.S. shipping groups are pushing for a penalty to be imposed on Escopta for a Jones Act violation.

"We expect the customs to issue a significant fine once the rig has completed its transit and positioned for duty in Cook Inlet," said Richard Berkowitz, Director of the Transportation Institute, a Seattle-based maritime industry association.

Even with the rig's voyage on a Chinese heavy-lift vessel terminated in Vancouver, B.C., a Jones Act violation has occurred, Berkowitz said.

Meanwhile, a second jackup rig may soon be headed to Cook Inlet. Buccaneer Energy, an Australian company, is purchasing a heavy jackup rig in Asia for drilling in Cook Inlet waters and elsewhere in coastal Alaska. That rig may be moved to Alaska this winter or by early spring.

Copyright (c) 2011, Alaska Journal of Commerce, Anchorage

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North Atlantic Drilling Takes Delivery of Jackup West Elara

- North Atlantic Drilling Takes Delivery of Jackup West Elara

Tuesday, August 09, 2011
Seadrill Ltd.

North Atlantic Drilling Ltd., in which Seadrill has a 75 percent ownership, has taken delivery of the new harsh environment jackup drilling rig, West Elara from Jurong Shipyard in Singapore. The rig is expected to depart Singapore on August 11th and arrive at Westcon Shipyard in Olen, Norway in early October in order to undertake final contract preparation activities. The West Elara is expected to begin operations for Statoil on a five- year contract during late November 2011.

The West Elara is the first of two Gusto MSC CJ70 150A rigs to be constructed for North Atlantic Drilling Ltd. The rig is an advanced, ultra large, harsh environment, high specification drilling unit, specifically built for Norwegian requirements and matching the specifications of the largest jackup drilling units in the world. The unit can operate in water depth up to 150 meters with a higher variable deck load and a higher operating efficiency compared to earlier generation jackups. The size of the unit allows for additional opportunities in terms of logistics, well testing and early production.

Alf C. Thorkildsen, Chief Executive Officer in Seadrill Management AS and Chairman of North Atlantic Drilling Ltd, said, "We are pleased to take delivery of the West Elara, the first of two new ultra large and harsh environment jackups to be added to the North Atlantic Drilling fleet. We look forward to seeing this new and advanced drilling unit operating on the Norwegian Continental Shelf, creating growth for North Atlantic Drilling ahead of its listing on the Oslo Stock Exchange, increasing our presence in this key region and further strengthening our relationship with Statoil, one of our most important customers."

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Keppel Secures 3rd Transocean High Specification Jackup

- Keppel Secures 3rd Transocean High Specification Jackup

Friday, August 05, 2011
Keppel Corp. Ltd.

Keppel FELS Limited (Keppel FELS) has secured a repeat order from Transocean Offshore Deepwater Holdings Ltd, a subsidiary of Transocean Ltd. (Transocean) for US $195 million.

Following its order of two jackup rigs from Keppel FELS on February 17, 2011, Transocean is exercising its option to build another high specification jackup rig based on the KFELS Super B Class Bigfoot design for delivery in 3Q 2013.

Mr. Wong Kok Seng, Managing Director of Keppel FELS said, "We are pleased that Transocean has chosen to exercise their option in building another jackup rig to our proprietary design. We have developed a winning collaboration with Transocean over the years through numerous projects. In working with forward thinking customers, we are able to customize innovative products well suited to meet the needs of the market."

Tailored to suit Transocean's requirements, the KFELS Super B Class Bigfoot is designed with larger spud cans, expanding its operational coverage to more places, especially areas where soft soil is predominant. Having larger spud cans enables the unit to operate efficiently while minimizing potential leg penetration problems in soft soil conditions.

With a 1.5 million pound drilling system and a maximum combined cantilever load of 3,200 kips, the Super B Class Bigfoot features immense horsepower during drilling operations. In addition, the rig will be installed with offline stand building features in its drilling system package which allows drilling and the preparation of drill pipes to take place at the same time. The rig is capable of drilling at a 75 feet outreach, allowing for coverage of a larger well pattern.

Keppel FELS and Transocean have shared a long-standing partnership spanning several significant projects. In 2009, Keppel delivered Transocean's Development Driller III, an ultra-deepwater drilling semisubmersible rig built to Keppel's proprietary DSSTM 51 semisubmersible design. Other projects include upgrades and conversions of the Sedco 700-series semis to enable dynamic positioning, and the repair of various Transocean rigs.

The above contract is not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.

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Atwood Secures Extension for Jackup Vicksburg

- Atwood Secures Extension for Jackup Vicksburg

Thursday, August 04, 2011
Atwood Oceanics Inc.

Atwood Oceanics announced that one of its subsidiaries has been awarded a twelve-month contract extension with an affiliate of Coastal Energy Company for the jackup Vicksburg, priced at the current day rate of $90,000 from January 1, 2012 to June 30, 2012, after which the day rate will be $95,000 until Dec 31, 2012. With the extension, the Vicksburg's firm commitment extends through December 31, 2012.

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Noble Adds to High-Spec Jackup Fleet with Two Newbuilds

- Noble Adds to High-Spec Jackup Fleet with Two Newbuilds

Monday, August 01, 2011
Noble Corp.

Noble has exercised options with Sembcorp Marine's subsidiary Jurong Shipyard for the construction of two additional high-specification heavy duty, harsh environment JU3000N jackup drilling rigs. This order will bring to six the total number of new jackup rigs the Company will have under construction with the Jurong Shipyard.

David W. Williams, Chairman, President and Chief Executive Officer, Noble Corporation, stated, "We continue to see a growing interest from clients for the advanced features of the JU3000N jackup design. Opportunities for these units are evident in several offshore regions, including the North Sea, Middle East and Asia. This latest rig order reflects our continuing commitment to expand our ownership of industry-leading offshore drilling technology, enabling us to address some of the most demanding well construction challenges around the world."

Total delivered costs for these latest two orders are estimated at approximately $245 million per rig, including project management, spares, and start-up costs, but excluding capitalized interest. Payment terms are consistent with the order of the four previous rigs placed with the Jurong Shipyard since December 2010: 20 percent of the construction price due at contract signing, 20 percent due at steel cutting, and the remainder due at rig delivery. The two latest orders are expected to be delivered from the shipyard during the third and fourth quarters of 2014, following which would be mobilization and acceptance testing by their respective future customers.

The Friede & Goldman JU3000N design is an enhanced evolution of the JU2000E design and represents the latest generation of high-specification jackup drilling rig with greater capacities and capabilities than most existing units. The rigs, which are approximately 231 feet in length and 270 feet in breadth, will have the capability to operate in water depths up to 400 feet and drill to depths of 30,000 feet. The rigs will each have a seventy-five foot cantilever, 2.5 million pounds of hook load capacity, a high-capacity mud circulating system, and a 15,000 psi blowout preventer system. The units are capable of off-line pipe handling and offer accommodations for up to 150 people.

In addition to six newbuild jackup projects, Noble has seven ultra-deepwater drillships under construction, three of which are scheduled to be delivered later this year. The Company continues to evaluate an option it has with Hyundai Heavy Industries Co. Ltd. for the construction of an additional ultra-deepwater drillship that expires on August 31, 2011, with delivery taking place in the second half of 2014.

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KS Energy Secures Contract for Jackup

- KS Energy Secures Contract for Jackup

Tuesday, June 28, 2011
KS Energy Ltd.

KS Energy announced that its wholly-owned subsidiary, Atlantic Rotterdam Limited, has secured a 1 plus 1 year bareboat charter contract worth up to Euro12 million (including the 1 year option) for its Jackup Offshore Accommodation rig Atlantic Rotterdam. The Rig will be deployed for Shell in the UK sector of the North Sea and is expected to commence work on August 1, 2011.

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GDI Buys Ensco Jackup

- GDI Buys Ensco Jackup

Monday, June 27, 2011
Gulf Drilling International Ltd.

Gulf Drilling International has purchased from ENSCO Offshore the jackup drilling rig known as ENSCO 95 on June 22. The rig is a 3 legged Hitachi cantilevered drilling rig rated for 250 feet of water depth. GDI are most satisfied with the fine cooperation and support that ENSCO has extended to make this transaction possible. This is not GDI's first encounter with Ensco as the Al-Rayyan jack-up rig (formerly the ENSCO 55) was acquired from them back in 2005.

GDI will have a full Special Survey performed prior to placing the rig into service in order to obtain a new Class Certificate. This will necessitate the rig being put into shipyard for a 3 to 4 month period where major refurbishment will be done. The rig will be deployed for operating in Qatari waters on completion.

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Talisman to Use Rowan Jackup at Yme Field

- Talisman to Use Rowan Jackup at Yme Field

Thursday, June 23, 2011
Petroleum Safety Authority Norway

Talisman has received consent to use the Rowan Stavanger mobile facility as a temporary living quarters facility on the Yme field.

The consent relates to use of temporary living quarters in the cold phase, before hydrocarbons are introduced on Yme MOPUStor.

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TTS Inks Jackup Agreement with Jurong Shipyard

- TTS Inks Jackup Agreement with Jurong Shipyard

Tuesday, June 21, 2011
TTS Group ASA

TTS has signed a Letter of Intent with Jurong Shipyard Pte Ltd in Singapore, for delivery of a high performance drilling equipment packages for a new CJ70 jackup to be built for North Atlantic Drilling Ltd.

The new jack up, named West Linus, is specifically built to operate on the Norwegian Continental shelf and has been contracted to ConocoPhillips for five years. The new rig is an advanced, ultra large, harsh environment, high performance drilling unit matching the specifications of the largest jack ups in the world.

The new drilling equipment package has a value of approximately NOK 350 million plus various optional equipment yet to be decided on. The drilling equipment is scheduled for delivery during 3Q and 4Q 2012. TTS Energy has also granted Jurong Shipyard two options valid until September 30th, 2011 for identical drilling equipment packages.

TTS Energy has previously supplied a similar drilling equipment package to West Elara, which is a CJ70 jackup rig currently being finalized at Jurong Shipyard for North Atlantic Drilling where Seadrill holds a majority share. West Elara has been contracted to Statoil under a five year contract on the Norwegian Continental Shelf.

"We are very pleased to again have been chosen to deliver a high specification rig package to Jurong Shipyard and North Atlantic Drilling," said Johannes Neteland, President & CEO of TTS Group. "This new contract confirms our strong position in the high end drilling equipment market," he added.

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Seadrill to Sell Jackup West Janus

- Seadrill to Sell Jackup West Janus

Tuesday, June 21, 2011
Seadrill Ltd.

Seadrill has entered into an agreement to sell the 1985 built jackup drilling rig West Janus to Harrington LLC in Dubai for a total consideration of US $73 million.

Seadrill expects to record a gain on the sale in excess of US $50 million on closing. Closing of the agreement and the transfer of ownership of the unit is scheduled upon completion of the rig's present drilling assignment in the second half of 2011.

Seadrill's fleet of jack-up rigs remains the world largest modern jack-up fleet with a total of 19 units built after 2006, including rigs under construction. Furthermore, Seadrill has options for construction of six further units at attractive prices.

Alf C Thorkildsen, CEO of Seadrill Management AS said, "We remain optimistic about the market outlook for premium jack-up rigs, and at the same time continue to highgrade our fleet by disposing some older units, while adding new rigs to it. The disposal of West Janus further reduces the average age of the modern Seadrill jack-up fleet to 2.6 years, and is in line with our strategy of focusing our company on modern, premium offshore drilling units."

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Atwood to Delay PPL Jackup Option

- Atwood to Delay PPL Jackup Option

Tuesday, June 14, 2011
Atwood Oceanics Inc.

Atwood Oceanics announced that on June 9, 2011, one of its subsidiaries had reached an agreement with the PPL Shipyard to delay the required commitment date for the next Pacific Class 400 jack-up drilling unit option until December 31, 2011, concurrent with the commitment date for the last Pacific Class 400 jack-up unit option. At this time, the company has made no determination as to whether any of the two remaining options will be exercised.

The company currently has three Pacific Class 400 jack-up drilling units, the Atwood Mako, Atwood Manta, and Atwood Orca, under construction with PPL under turnkey construction agreements; these units will have a rated water depth of 400 feet, accommodations for 150 personnel and significant offline handling features.

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STEP Offshore to Deliver CRI System to Maersk Jackup

- STEP Offshore to Deliver CRI System to Maersk Jackup

Aker Solutions' wholly-owned subsidiary STEP Offshore has won a contract to deliver an integrated cuttings re-injection (CRI) system to Maersk Drilling's jackup rig Maersk Reacher.

Aker Solutions and STEP Offshore will supply a complete system for slurrification and re-injection of drill cuttings. The state-of-the-art system enables next generation HSE performance and drilling efficiency. The scope of supply includes process equipment, control system, installation supervision, commissioning, offshore start-up assistance and training.

"We are very proud to be awarded this contract by Maersk Drilling and look forward to working with them on this project," said Pål Eriksen, President of STEP Offshore. "We believe STEP Offshore won this important contract due to our ability to meet Maersk Drillings tight time schedule and our superior technical solutions."

The CRI Unit will be delivered in 2Q 2011. The value of the contract is NOK 25 million.

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PTTEP Lines Up Seadrill Jackup Offshore Thailand

- PTTEP Lines Up Seadrill Jackup Offshore Thailand

Tuesday, May 31, 2011
Seadrill Ltd.

Seadrill has been awarded a new contract by PTTEP in Thailand for the jackup rig West Leda. The assignment is for a firm period of nine months and with an option to extend for a further six months. The contract value for the firm period is approximately US $35 million. Commencement of the operations under the new contract is scheduled for late second quarter 2011, in direct continuation of the rig's existing contract.

Alf C Thorkildsen, Chief Executive Officer in Seadrill Management AS, said, "We are pleased to secure a new contract for one of our jack-ups in the South East Asia region. We consider this as an excellent opportunity to further strengthening our relationship with PTTEP, one of our key customers. Representing a total contract value of US $35 million, this assignment improves the earnings visibility for our jack-ups."

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Dynamic Offshore Seals Deal for 1st KFELS Jackup

- Dynamic Offshore Seals Deal for 1st KFELS Jackup

Monday, May 23, 2011
Keppel Corp. Ltd.

Keppel FELS has secured a contract with Vision Drilling Pte Ltd (Vision Drilling), a wholly-owned subsidiary of Dynamic Offshore Drilling Limited (Dynamic Offshore Drilling), to build its first KFELS B Class jackup drilling rig for US $180 million.

Slated for delivery in 1Q 2013, the rig will be able to operate in water depths of 350 feet with a drilling depth of 30,000 feet and accommodate 120 men.

Dynamic Offshore Drilling has the option to build an additional rig to be exercised before 3Q 2011.

Mr. Naresh Kumar, Chairman of Dynamic Offshore Drilling, said, "While this is Dynamic Offshore's first collaboration with Keppel FELS, we are no strangers to its excellent project execution and dedication to safe, on-time and within-budget deliveries. My team and I have previously worked very closely with the Keppel FELS team on two KFELS B Class jackup rigs which have been deployed under long term contracts with strong day rates with a Fortune 500 National Oil Company.

"After the Gulf of Mexico oil spill, oil companies around the world prefer newbuild premium rigs with enhanced safety features and equipment reliability. With over 60% of the current Jack up fleet over 25 years old, it is an impetus for us as experienced drilling contractors to invest in premium high quality jackups with the world's leading shipyard. We are looking forward to build a number of rigs with the strong partnership of Keppel FELS in the years to come".

Mr. Wong Kok Seng, Managing Director of Keppel FELS, added, "We are glad to be working with familiar partners. Mr. Kumar is highly respected in the industry and Dynamic Offshore Drilling is backed by a recognised team of professionals.

Customers come to us because of our award winning products, excellent execution of projects and our commitment and ability to deliver rigs of the highest standards. In building their first rig to our KFELS B Class design, we are pleased to be able to support them in meeting the market requirements of newer rigs with superior technical and safety capabilities."

With 33 such units delivered worldwide, the KFELS B Class design continues to be the preferred jackup choice for drilling operators.

John Gellert, President of Seacor Marine LLC ("Seacor") and Board Member of Dynamic Offshore Drilling said, "Seacor is pleased to be a part of the project as an investor and joint venture partner in Dynamic Offshore Drilling. With the long term rising demand for premium jackups, we are looking forward to the development of the company (Dynamic Offshore Drilling)."

Dynamic Offshore Drilling's rig is equipped with enhanced features to expand the operational coverage of the rig. Provisions have been made for the rig to work in high pressure high temperature (HPHT) environments and have Offline Stand Building capabilities.

Developed by Keppel's technology arm, Offshore Technology Development, the KFELS B Class jackup design provides maximum uptime with reduced emissions and discharges. Its environmental-friendly features won the KFELS B Class design the prestigious Engineering Achievement Award from Institution of Engineers Singapore in 2009.

The above contract is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.

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Vantage Adds to Jackup Backlog with Thailand Contract

Vantage Adds to Jackup Backlog with Thailand Contract

Wednesday, May 11, 2011
Vantage Drilling Co.

Vantage Drilling Co. announced Wednesday that it has received a letter of award for an 18-month drilling program in Thailand for the Emerald Driller.

The contract will commence in continuity with the completion of the Emerald Driller's current contract. Estimated revenues to be generated over the initial term of the contract are approximately $72 million.

Paul Bragg, President and Chief Executive Officer, commented, "We are pleased to add significant additional backlog to the jackup fleet, with Emerald Driller continuing work in Thailand."

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and the ultra-deepwater drillship, the Platinum Explorer, as well as an additional ultra-deepwater drillship, Tungsten Explorer, now under construction Vantage's primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned and managed drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.

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Noble Adds High Specification Jackups to Fleet

Noble Adds High Specification Jackups to Fleet

Monday, March 28, 2011
Noble Corp.

Noble has exercised two of its four options with Sembcorp Marine's subsidiary Jurong Shipyard for the construction of additional high-specification heavy duty, harsh environment JU3000N jackup drilling rigs. This order will bring to four the total number of new jackup rigs the Company will have under construction.

Total delivered costs are estimated at approximately $235 million per rig, including project management, spares, and start-up costs, but excluding capitalized interest. Payment terms are consistent with the order of the two rigs placed in December 2010: 20 percent of the construction price due at contract signing, 20 percent due at steel cutting, and the remainder due at rig delivery. Unit deliveries from the shipyard are expected in the third quarter of 2013 and first quarter of 2014. The Company still has options for up to two additional units which must be exercised by January 1, 2012. As previously disclosed, the option units are priced based on the original unit price, plus a potential escalation factor, with future deliveries scheduled in six-month increments beginning in late 2014.

The Friede & Goldman JU3000N design is an enhanced evolution of the JU2000E design and represents the latest generation of high specification jackup drilling rig with greater capacities and capabilities than most existing units. The rigs, which are approximately 231 feet in length and 270 feet in breadth, will have the capability to operate in water depths up to 400 feet and drill to depths of 30,000 feet. The rigs will each have a seventy-five foot cantilever, 2.5 million pounds of hook load capacity, a high capacity mud circulating system, and a 15,000 psi blow out preventer system. The units are capable of off-line pipe handling and offer accommodations for up to 150 people.

"Noble's fleet evolution is well underway as we focus on adding rigs with superior technology, equipment, and capabilities," said David W. Williams, Chairman, President and Chief Executive Officer, Noble Corporation. "With the addition of two more JU3000N units, Noble will have four out of the eleven jackups in existence or under construction with hoisting capacities of 2.5 million pounds. We expect ultra-premium units such as these to be in high demand and look forward to serving our future customers' growing needs in this key market segment."