GlobalSantaFe gets 7-year deal for new ultradeepwater rig

March 7, 2006
GlobalSantaFe Corp. has signed a $1 billion draft deal for a new ultradeepwater semisubmersible drilling rig.

By OGJ editors
HOUSTON, Mar. 7 -- GlobalSantaFe Corp. has signed a $1 billion draft deal for a new ultradeepwater semisubmersible drilling rig.

The newbuild rig, to be named the GSF Development Driller III, is for delivery in early 2009 and will be under a 7-year contract until 2016.

GlobalSantaFe has selected Keppel FELS Ltd. to build the rig at its Singapore shipyard. The estimated construction cost is $590 million, including shipyard costs, owner-furnished equipment, project management costs, and general contingencies.