Noble, Statoil in $655M Rig Deal - Analyst Blog
17 5월 2013 - 12:10AM
Zacks
Noble Corp (NE),
owner of the world's third-largest offshore drilling fleet, has
been contracted by Statoil ASA (STO) for the
construction of a newbuild ultra-high specification jackup based on
Category J design for performing drilling services on the Mariner
project.
The contract is for a period of four years with a one or two year
option. The jackup, which will be employed in the United Kingdom
sector of the North Sea, is expected to begin operations during the
third quarter of 2016. The total value of the four-year contract,
including mobilization, is estimated at $655 million.
The ultra-high specification jackup will be equipped to function in
water depths of about 70 meters to 150 meters and drill wells to a
maximum total drilling depth capacity of 10,000 meters. The rig
will be designed to operate in rough conditions and be capable of
deploying either a surface or subsea blowout preventer when
drilling wells in tough environments.
Statoil, the operator of Mariner project, awarded the contract on
behalf of its partners JX Nippon Exploration and Production (U.K.)
Limited and Cairn Energy PLC.
Noble is in the last stage of negotiating a contract with respect
to the construction of the new jackup and anticipates the delivered
costs to be about $690 million. This is inclusive of project
management, spares and start-up costs, but excludes capitalized
interest.
The Mariner heavy oil field involves investments of over GBP 4.7
billion and is scheduled to come online in 2017. The field is
expected to produce for about 30 years and have an average yield of
55,000 barrels of oil per day over the plateau period from 2017 to
2020.
Noble holds a Zacks Rank #3 (Hold). However, there are other stocks
in the oil and gas industry like Dawson Geophysical
Company (DWSN) and SM Energy Company (SM)
that appear more attractive in the short term. Both stocks carry a
Zacks Rank #1 (Strong Buy).
DAWSON GEOPHYS (DWSN): Free Stock Analysis Report
NOBLE CORP (NE): Free Stock Analysis Report
SM ENERGY CO (SM): Free Stock Analysis Report
STATOIL ASA-ADR (STO): Free Stock Analysis Report
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