Seadrill has been granted until September 12th to finalize its restructuring plan. However the company has warned that the final plan is likely to involve seeking Chapter 11 protection which will require substantial impairment or conversion of bonds as well as impairments and losses for other stakeholders including shipyards. The company has $14bn of debt and liabilities. Apart from investors the shipyards that are likely to take a big hit are DSME and Samsung in South Korea who have four UDW drillships under construction for Seadrill, China’s Dalian Shipyard (DSIC) with eight jackups under construction, Jurong shipyard in Singapore and [...]
Energy Drilling semi-tender assist rig Edrill-3 is set for delivery from COSCO Guangdong shipyard at the end of November this year. The original delivery date was June 2015 and it is highly likely that Energy Drilling will not accept delivery until it has a contract in place for the unit. EDrill and COSCO are re-assuring prospective clients that “maintenance is continuing and periodic operations of equipment plus other OEM procedures to keep the unit in ready-to-drill condition. The yard has a team of about 10 yard personnel maintaining the equipment on board on a regular basis, with a lead QA [...]
COSCO China have completed the construction of UDW mono hull semi Sevan Developer and the rig is now stacked in the shipyard awaiting Sevan/Seadrill to accept delivery. The rig was ordered in 2011 and was originally set for delivery in Q2 2014 but following Seadrill’s acquisition of a majority share in Sevan Drilling, Seadrill had stated categorically that they would not accept delivery until they have a suitable contract in place.