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| Scorpion Offshore: 'Ultra-Premium' Rigs |
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| Monday, 15 September 2008 | |||
 Scorpion Offshore offers a fleet of ultra-premium jackup offshore drilling rigs and ultra deepwater semi-submersibles in a number of international locations.
The company says it operates one jackup offshore Oman, one offshore Brazil and is currently constructing two additional ultra-premium LeTourneau Super 116 jackup rigs in a shipyard in Brownsville, Texas, and two more in Sharjah, U.A.E. Leading the Way Scorpion Offshore's senior management team averages more than 25 years of experience in the drilling industry. "Furthermore, Scorpion's operating and engineering personnel have substantial experience in all industry disciplines, including building, marketing and operating all types of mobile offshore drilling units," the firm states. The company's ultra-premium products feature extended-reach cantilevers and heavy-duty drilling equipment, Scorpion Offshore explains. "[We were] founded on the conviction that providing superior contract drilling services to our customers will ultimately result in superior financial returns for our shareholders, as well as superior opportunities for our employees and company," it states. "We believe that our rigs will provide the most cost-effective solution to our customers' increasing demand for larger, more-capable jackups." Global Clients The company's customer base is focused primarily on the international market, it says. "Utilizing the experience of our people and our ultra-premium rigs, we seek customers who demand the highest level of performance; whether it is from our safety and training programs or from our ability to tackle difficult wells," Scorpion Offshore explains. "Although our first five rigs have been built in Texas and are naturally suited to the U.S. market, our customer focus is primarily on international opportunities." Safety First The firm's focus on safety and service allows it to develop ongoing relationships with its customers. "This [focus] should result in optimal utilization for our equipment," the company says. "In turn, this will result in superior financial performance for Scorpion Offshore and will allow us to achieve our goal of organic growth through high-end offshore rig additions to meet the growing needs of our customers." Service Focus Scorpion Offshore's customers work with a firm that offers extensive experience, both in the field and in the office, the company says. "Our senior management team averages more than 25 years' experience in the drilling industry," the company explains. "Furthermore, Scorpion's operating and engineering personnel have substantial experience in all industry disciplines including building, marketing and operating all types of mobile offshore drilling units. "Scorpion's management has the ability to successfully build, contract and safely operate sophisticated offshore rigs. "The initial focus will be on ultra-premium jackups; however, the team has the background and experience to participate in other high-end segments of the offshore market, as well." Construction Experience The company has extensive experience in rig construction, and has developed a number of strategies to minimize cost overruns and delivery delays, it says. Scorpion Offshore says these key strategies include:
In addition, Scorpion Offshore's jackups are capable of operating in any international market aside from areas in harsh environments, the company says. "With approximately $15 to $20 million of additional capital per rig, the rigs can be upgraded to drill for ultra-deep gas on the Gulf of Mexico shelf," it says. "The proven Super 116 design, including the enhanced equipment package, will provide Scorpion Offshore with a complete advantage over other rigs, particularly in bidding for horizontal and extended-reach drilling projects," the company adds. "Scorpion expects that the increased drilling efficiencies attributable to [our] rigs will enable [us] to achieve premium rates compared to most of the world's jackups," it adds. Field Tested Scorpion Offshore's Super 116 design has set an industry benchmark for reliability and performance, it says. Several of its key features include:
Improved Productivity Scorpion Offshore says the Super 116's productivity-enhancing capabilities are unique to competing products. These capabilities include:
In July 2008, Scorpion Offshore says it signed an agreement with Singapore-based Keppel FELS Ltd., to construct a deepwater semi-submersible. "Construction is expected to span 42 months with delivery in the the fourth quarter of 2011 at an anticipated cost of approximately $700 million, including owner-furnished equipment, commissioning, project management and financing costs," it explains. The rig will be a "dynamically positioned," four-column semi-submersible system, which will be capable of drilling wells to 8,500 meters, the company explains. "The rig was ordered pursuant to a letter of commitment for operations beginning prior to June 2010," Scorpion adds. "The letter of commitment has a duration of six years with potential revenue of approximately $1.1 billion plus operating cost inflation adjustments throughout the contract term. The cashflow from this contract will result in full payout of the cost of the rig during the initial contract term." Scorpion's entry into deepwater offshore drilling is the result of "continued execution of the company's original strategy," it says. |
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