Decade-Old “Newbuild” Drillship Finally Finds Work - The Maritime Executive
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"datePublished": "2023-09-14T17:17:48-0400",
"articleBody": "Three times a charm, an ultra-deepwater drillship that was first ordered in 2013 and is on its third owner, has finally received its first contract. Transocean reported the contract for the vessel now known as Deepwater Aquila as the ship prepares to finally be delivered by its builder.
During the drilling boom of the 2000s, Seadrill ordered two new ships in 2013 that were hailed as the next evolution of deepwater drilling. The ships were to be built by Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea due for delivery in 2016. The contract price was reported to be more than $800 million.
As the drilling market collapsed and Seadrill’s financial situation deteriorated, they reached an agreement with DSME to defer the deliveries. Then known as West Aquila, her delivery was delayed till the second quarter of 2018, and her sister ship West Libra, until the first quarter of 2019. However, with the market not rebounding, Seadrill as part of its financial restructuring announced in March 2018 that it had canceled the contract.
DSME however rebounded and announced in May 2018 that the ships were being sold to Northern Drilling for a revised price of $296 million per ship. Move forward to 2021, and John Fredriksen’s new company announced in succession it was walking away from each of the contracts to buy one of the drillships. They blamed DSME citing delays in the delivery and beginning a still ongoing litigation.
Transocean came on the scene in November 2022 reporting they had struck a deal with the financially troubled shipyard to buy the troublesome drillship Aquila that had now been sitting idle waiting for a market to emerge. Transocean reported they would pay approximately $200 million and take delivery of the ship in the third quarter of 2023.
The acquisition was led by Perestroika and funds managed by Lime Rock Management in a newly formed joint venture called Liquila Ventures. Transocean made a $15 million noncontrolling investment in Liquila Ventures and received the exclusive right to market and manage the operations of the rig.
Transocean now reports that they have secured a three-year award for the “newbuild” ultra-deepwater drillship Deepwater Aquila with a “national oil company” for work offshore Brazil. The contract is expected to commence in the third quarter of 2024 and represents approximately $486 million in firm backlog, excluding a mobilization fee of approximately 90 times the contract dayrate. They are also reporting that they have agreed to acquire the outstanding interests in Liquila Ventures, taking ownership of Deepwater Aquila which is expected to be delivered from the shipyard in October 2023.
The ship is described as a seventh-generation dual-activity drillship. It is a high specification, 1400 short-ton hookload ultra-deepwater drillship and will have a large deck space, high load capacities, and will be dual-stack ready. It becomes the eighth ultra-deepwater drillship owned and operated by Transocean which highlights that there are only a total of 12 of these ships in the world.
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Decade-Old “Newbuild” Drillship Finally Finds Work
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<figcaption>A decade after she was ordered, West Aquila has finally found its first contract (file photo)</figcaption>
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<p>Three times a charm, an ultra-deepwater drillship that was first ordered in 2013 and is on its third owner, has finally received its first contract. Transocean reported the contract for the vessel now known as <em>Deepwater Aquila</em> as the ship prepares to finally be delivered by its builder.</p>
<p>During the drilling boom of the 2000s, Seadrill ordered two new ships in 2013 that were hailed as the next evolution of deepwater drilling. The ships were to be built by Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea due for delivery in 2016. The contract price was reported to be more than $800 million.</p>
<p>As the drilling market collapsed and Seadrill’s financial situation deteriorated, they reached an agreement with DSME to defer the deliveries. Then known as <em>West Aquila</em>, her delivery was delayed till the second quarter of 2018, and her sister ship <em>West Libra</em>, until the first quarter of 2019. However, with the market not rebounding, Seadrill as part of its financial restructuring announced in March 2018 that it had canceled the contract.</p>
<p>DSME however rebounded and announced in May 2018 that the ships were being sold to Northern Drilling for a revised price of $296 million per ship. Move forward to 2021, and John Fredriksen’s new company announced in succession it was <a href="https://maritime-executive.com/article/northern-drilling-cancels-second…; target="_blank">walking away</a> from each of the contracts to buy one of the drillships. They blamed DSME citing delays in the delivery and beginning a still ongoing litigation.</p>
<p>Transocean came on the scene in November 2022 reporting they had struck a deal with the financially troubled shipyard to buy the troublesome drillship <em>Aquila </em>that had now been sitting idle waiting for a market to emerge. Transocean reported they would pay approximately $200 million and take delivery of the ship in the third quarter of 2023. </p>
<p>The acquisition was led by Perestroika and funds managed by Lime Rock Management in a newly formed joint venture called Liquila Ventures. Transocean made a $15 million noncontrolling investment in Liquila Ventures and received the exclusive right to market and manage the operations of the rig.</p>
<p>Transocean now reports that they have secured a three-year award for the “newbuild” ultra-deepwater drillship <em>Deepwater Aquila</em> with a “national oil company” for work offshore Brazil. The contract is expected to commence in the third quarter of 2024 and represents approximately $486 million in firm backlog, excluding a mobilization fee of approximately 90 times the contract dayrate. They are also reporting that they have agreed to acquire the outstanding interests in Liquila Ventures, taking ownership of <em>Deepwater Aquila</em> which is expected to be delivered from the shipyard in October 2023.</p>
<p>The ship is described as a seventh-generation dual-activity drillship. It is a high specification, 1400 short-ton hookload ultra-deepwater drillship and will have a large deck space, high load capacities, and will be dual-stack ready. It becomes the eighth ultra-deepwater drillship owned and operated by Transocean which highlights that there are only a total of 12 of these ships in the world.</p>
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<a href="https://maritime-executive.com/article/northeast-and-canada-prepare-for…; target="_blank" class="font-firasans">Northeast and Canada Prepare for Hurricane Lee Causing Ships to Scramble</a>
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Sep 15, 2023 3:22 PM by
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The Northeast coastline from Massachusetts to Maine, the Bay of Fundy region, and Maritime Canada are preparing for the arrival of Hurricane Lee which is also disrupting shipping as it begins its final northward charge before landfall which is expected late Saturday afternoon or evening in Canada. While the storm has begun to weaken and accelerate in speed, the National Hurricane Center of the National Oceanic and Atmosphere Administration is still warning of significant wave height, coastal flooding, storm surge,...
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<a href="https://maritime-executive.com/article/iran-seizes-two-foreign-ships-ac…; target="_blank" class="font-firasans">Iran Seizes Two Foreign Ships Accused of Fuel Smuggling</a>
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Iranian officials are reporting that they have detained two foreign registered vessels on charges of fuel smuggling. Several international media sources are citing it as a seizure of two “oil tankers” but security analysts believe it is small regional vessels.
This would be consistent with Iran’s previous efforts and the nature of the statements being quoted in the Iranian media. Iran has regularly stopped vessels in the Persian Gulf and has accused several ships of smuggling oil products. The two...
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<a href="https://maritime-executive.com/article/china-merchants-places-order-for…; target="_blank" class="font-firasans">China Merchants Places Order for First Methanol-Fueled VLCC</a>
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China Merchants confirmed that it today signed the order for what is likely to be the world’s first methanol-fueled VLCC. The company reported at the end of August that its board had authorized the management of its energy transport subsidy to proceed with final negotiations for the newbuild contract.
The vessel is part of the company’s planned efforts to update its aging fleet of VLCC tankers. The Chinese energy company currently operates 52 VLCCs as part of a tanker fleet...
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<a href="https://maritime-executive.com/article/u-s-navy-on-track-to-miss-recrui…; target="_blank" class="font-firasans">U.S. Navy On Track to Miss Recruitment Goal by 7,000 Sailors</a>
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The U.S. Navy has been working hard to head off a massive shortfall in its recruiting numbers, and by some measures it is succeeding, the service's acting top officer told Congress on Thursday.
In a hearing before the Senate Armed Services Committee, Acting Chief of Naval Operations Adm. Lisa Franchetti said that the Navy is currently on track to undershoot its annual target by about 7,000 recruits. This is more than the 6,000-recruit shortfall that Franchetti predicted in April, but...
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