Upgrading Victory-class semisubmersibles cost-effective

Now that building a new fifth-generation semisubmersible would cost more than $400 million, the upcoming $250-million upgrade of Victory-class semisubmersible Ocean Endeavor appears a relative bargain. Click here to enlarge imageDiamond Offshore Drilling Inc. owns 7 of the 10 ODECO Ocean Victory-class semisubmersibles that were built in the 1970s for the North Sea and has a newly announced contract to buy another (Table 1).Les Van Dyke, director of investor relations at DODI, told OGJ that the Victory hulls were overbuilt, resulting in “superstrong structures with long fatigue life,” but configured for relatively shallow water. In order to modernize the fleet to serve the dee...

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