Rig: Prospector 5

Name Prospector 5
Owner Borr Drilling
Manager Borr Drilling
Rig Type Jackup
Sub Type Independent Leg Cantilever
Jackup Type High-Specification
Max Water Depth (ft) 400
Max Drill Depth (ft) 35000
Dimensions (ft) 231 x 250 x 31
Leg Length (ft) 548
Competitive Yes

Current Location

Country UK
Region NWECS

Drilling Equipment

Drawworks Type TTS Ultrahoist SG 1060-6000
Drawworks HP 4600
Mud Pumps Type AKMH Wirth TPK 2200
Top Drive TTS STD-1000-AC-2M
Hookload Capacity (lbs) 2000000

Rig Construction Details

Rig Design Friede & Goldman
Rig Model JU-2000E
Year Built 2014
Country of Build China (PRC)
Yard Name Shanghai Waigaoqiao
Group Yard Name China State Shipbuilding Corporation (CSSC)

Rig Contract Details

Operating Status Operational
Operator China National Offshore Oil Corp (CNOOC)


13 Jun 2014

Prospector releases update for 'Prospector 1' & 'Prospector 5'

Prospector Offshore Drilling S.A. (PROS) expects that one of its subsidiaries will take delivery of ‘PROSPECTOR 5’, from the Shanghai Waigaoqiao Shipbuilding Co. Ltd (SWS) Shipyard in Shanghai, China, on Monday, 16th June 2014. ‘PROSPECTOR 5’ is the second in the Company's series of five high specification, harsh environment jack-up drilling rigs built to the Friede and Goldman JU2000E design. Upon delivery the rig will be mobilized to the UK sector of the North Sea where it is expected to begin its contracted work for Total E&P UK Limited and Elf Exploration UK Limited (Total) in September, in line with prior expectations. As previously announced, ‘PROSPECTOR 1’ is being remunerated at a reduced day rate per its amended charter contract with Total. This situation is continuing today while Total's Franklin location is being prepared to accept ‘PROSPECTOR 1’. PROS currently expects this situation will continue through the third quarter, at which time ‘PROSPECTOR 1’ will commence its 730 day charter contract.

28 Apr 2014

Prospector Offshore secure finance for delivery of 'Prospector 5'

Prospector Offshore Drilling S.A. (the "Company" or "PROS") announces that its newly formed subsidiary, Prospector Finance II S.à r.l. has secured a fully committed Senior Secured Credit Facility (the "Senior Credit Facility"), subject to documentation, in the amount of US$270 million. Prospector Finance II S.à r.l. is also contemplating the issuance of a US$100 million second lien bond (the "Bond Loan") in the amount of US$100 million. The net proceeds from the Senior Credit Facility and the contemplated Bond Loan will be used to fully finance the delivery of ‘PROSPECTOR 5’, (expected early June 2014), refinance existing debt secured by ‘PROSPECTOR 1’, and for general corporate purposes. ‘PROSPECTOR 1’ is currently on a special standby rate while Total E&P UK Limited's Franklin Location is being prepared to accept the rig and is expected to commence full operations in May 2014. The Senior Credit Facility is being arranged by ABN AMRO Capital USA LLC and DNB Bank ASA. The Senior Credit Facility will be secured by a first mortgage on ‘PROSPECTOR 1’ and ‘PROSPECTOR 5’ and will be guaranteed by the Company. All other terms will be customary for this type of facility. DNB Markets, Pareto Securities and Swedbank have been appointed as joint lead managers and bookrunners of the contemplated Bond Loan. The term of the contemplated Bond Loan will be five-years and the Bond Loan will be secured by a second lien mortgage on ‘PROSPECTOR 1’ and ‘PROSPECTOR 5’ and guaranteed by the Company. This press release contains forward-looking statements that involve risks and uncertainties. You are cautioned not to put undue reliance on forward-looking statements because actual events and results may differ materially from the expected results described by such forward-looking statements. Prospector Offshore Drilling S.A. disclaims any obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.

19 Jul 2013

Prospector Offshore is awarded second drilling contract for newbuild jackup fleet

Total E&P UK has contracted a second newbuild rig from the jackup focused Prospector Offshore rig operator. The contract for the under construction ‘Prospector 5’ unit and follows the award of a contract by the same operator for the company’s ‘Prospector 1’ jackup rig that Total made in July 2012. The contract awarded to the ‘Prospector 5’ is for a 1095 day drilling campaign with a total value of US$249 million, as well as two un-priced 12 month extension options. The initial contract is due to commence in Q2 or Q3 2014 following delivery of the unit from the yard in China.

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