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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.
29.3.2017
Cypriot daily "Phileleftheros" reports that the Total-ENI consortium are in the last phase of preparations for drilling the "Onisiforos" well in Block 11 of Cypriot EEZ. The drill ship "West Capella" has been contracted for this purpose, whose last contract working at Usan offshore field located in the Gulf of Guinea was terminated by ExxonMobil exactly one year ago.
The "Onisiforos" target is located on the fringes of Cypriot EEZ, less than 15 km away from Zohr's, ENI's 30tcf mega find, 8th well.
According to a Seadrill Partners LLC (owned by Norwegian, Cyprus passport holder, John Fredriksen) press release the «West Capella» contract was secured with Total E&P Cyprus B.V. The $10 m contract is said to start in the 2nd half of 2017, and the drill is estimated to last 50 days.
The «West Capella» has recently been upgraded with an «MPD» (Managed Pressure Drilling) system.
