DRILLING MARKET FOCUS: $2.5 billion going to Korean yards for new drillships

$2.5 billion going to Korean yards for new drillshipsDrilling contractors have given contracts worth $2.5 billion to two Korean shipyards to build five new drillships. Rapidly escalating contract rates suggest that the new capacity will be easily absorbed as the new ships enter the market in 2007-09. The ultradeepwater drillships have a competitive edge in the market; dual derricks, automated and redundant systems, and other efficiencies can reduce drilling time and lead to large cost savings. Click here to enlarge imageIn addition to the five newbuilds (Table 1), eight other drillships are undergoing shipyard modifications to enhance their capability and marketability (Table 2), two mor...

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