According to Transocean, construction of the newbuild drillship is expected to commence during the fourth quarter of 2014 with delivery scheduled for the second quarter of 2016.
The drillship will be constructed at the Daewoo Shipbuilding and Marine Engineering facility in Okpo, South Korea, where Transocean has six other ultra-deepwater drillships under construction at present.
Following acceptance from the customer, the five-year contract is expected to commence in the fourth quarter of 2016.
The capital investment for the drillship, excluding capitalised interest, is expected to be approximately $725m.
The shipyard contract, project management, all owner-furnished equipment, capital spares and inventory and all costs associated with operational readiness are included in the capital costs.
The newbuild drillship will be outfitted with two 15,000psi blowout preventers (BOPs), which are expected to reduce non-productive time between wells.
It will also include Transocean’s dual-activity drilling technology that allows for parallel drilling operations and once it becomes available from the OEM suppliers, it will be able to accommodate a future upgrade to a 20,000psi BOP.
The rig will also feature a 2.5 million-pound hook load capacity and a variable deckload capacity of 23,000mt.
Enhanced well-completion capabilities and diesel engines are also offered, which are configured to comply with anticipated Tier III International Maritime Organization (IMO) emissions standards.
The drillship, which can accommodate 240 people, has been designed and outfitted to operate in water depths of up to 12,000ft and drill wells to 40,000ft.
Transocean president and chief executive officer Steven Newman said: "Further, the addition of this latest newbuild drillship demonstrates the execution of our asset strategy and commitment to increasing our exposure to high-specification floaters with industry-leading capabilities."
Image: Transocean will construct the drillship at the Daewoo Shipbuilding and Marine Engineering facility in Okpo, South Korea. Photo: courtesy of suwatpo / FreeDigitalPhotos.net.