New floaters poised to enter improving deepwater rig market

Close to $1.6 billion have been invested in seven new mobile offshore drilling units that will be able to take advantage of recently rising rates in the deepwater rig market.The new MODUs built in 2003-04 include six semisubmersibles and one drilling tender rig. One of the semis has already been completed in the Caspian Sea; another is under construction for the Caspian; two were completed in early 2004 in Portland, Me.; and two others are nearly complete in Singapore. The new drilling tender is under construction in Singapore with delivery planned for third-quarter 2005. GSF Development Driller I & IIGlobalSantaFe Corp. will soon have two new ultradeepwater semisubmersibles, Development ...

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