Sante Fe chooses PPL to build two new semis

April 18, 2001
Santa Fe International Corp. said Wednesday that construction of two Friede & Goldman ExD-design semisubmersible drilling rigs would start next month following the award of contract to Singapore's PPL Shipyard PTE Ltd. The rigs will cost about $285 million each and Santa Fe has the option for additional units at a slightly higher price.


By the OGJ Online Staff

LONDON, Apr. 18 -- Santa Fe International Corp. said Wednesday that construction of two Friede & Goldman ExD-design deepwater semisubmersible rigs would start next month following the award of contract to Singapore's PPL Shipyard PTE Ltd.

The rigs will cost about $285 million each, the Dallas-based drilling contractor said. The deal with PPL has an option for additional drilling units at a "slightly higher" price.

Santa Fe expects to fund the rig-building program through "existing cash balances and cash flow generated over the duration of the program."

Construction of the first rig will take roughly 30 months, the second -- expected to see keel-laying around 18 months into the construction of the first -- is scheduled to be complete in 24 months. Construction of further rigs would start at 18-month intervals and be complete in 24 months, said Santa Fe.

The rig design has been fashioned for development drilling in water depths of 7,500 ft in "moderate environments," and will be equipped with both dynamic positioning and conventional mooring. They can drill to 30,000 ft below the seabed.

The rigs will be outfitted with four high-pressure mud pumps and a high-capacity mud treatment and storage system, along with two separate hoisting facilities to improve efficiency during well construction.

Santa Fe noted that the derrick design would accommodate all drilling tubulars, including a dedicated landing string and a full string of 13 3/8-in., 9 5/8-in., or 7-in casing racked in triples.