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| Drillship Advantage |
Jul. 21, 2017 1:46 AM ET
Summary
- On July 18, 2017, the Leviathan partners and Noble Energy decided to terminate a contract with Atwood Advantage and promote a contract with another drilling rig.
- The Atwood Advantage was working for Noble Energy in Israel at $581K/d until August 2017. So, the loss is limited, but it is still a solid negative.
- This new termination is a wake-up call for Ensco and its shareholders. The acquisition of Atwood seems overvalued and unnecessary at the moment, in my opinion.
The Atwood Advantage is a DP3 Drillship, delivered by DSME in 2013, capable of operating at 3,658 meters (12,000 ft.) of water, drilling depths of up to 12,200 m (40,000 ft.) and has accommodations for 200 personnel.
By Ya'acov Zalel, August 16th, 2016
The ultra-deepwater drillship Atwood Advantage is due to arrive at the Tamar gas field offshore Israel in a few months' time in order to drill a new well, Tamar 8.
The drillship belongs to Atwood Oceanics and is a relatively new vessel, able to drill in water depth of up to 3,567 m and drilling depth of up to 12,000 m. Its drilling equipment includes a double derrick, a hook load, a blow-out preventer, a marine raiser and mud pumps.
The drillship is expected at Tamar by November and the drilling is expected to last three to four months. The drilling will take place 100 km offshore, west of Haifa. Water depth at the drilling site is 1,670 m and the total drilling depth is planned for 5,050 m below sea level.
