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    Santa Fe orders jack-ups

    Vessel & ROV News // February 9, 2001
    Santa Fe Corporation has executed a Letter of Award with PPL Shipyard PTE Ltd in Singapore for the construction of two JU 2000 design high performance jack-up rigs.

    The rigs will cost approximately $125 million each. The agreement includes options for additional jack-up units, the first two of which are at a similar price.

    Each jack-up rig will take approximately 24 months to complete.

    Construction of the second rig will begin approximately 12 months intoconstruction of the first unit.

    The new rigs will be capable of drilling in up to 400ft of water in moderate environments. They will be equipped with 75ft extended reach cantilevers, three 7,500psi, 2,200hp mud pumps, and a large mud storage and deck load capacity.

    The rigs will be capable of working in harsh environments in 300-350ft of water, depending on specific site assessments.

    Santa Fe also plans to add two new deepwater semi-submersible rigs to its fleet. Negotiations with several short-listed shipyards are ongoing and a construction contract award is expected later this quarter.

    The Company anticipates that the rig building program will be funded through existing cash balances plus cash flow to be generated over the duration of the programme. However, the company may borrow some of the required funds if conditions warrant.

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