Rig: Valaris DS-14

Name Valaris DS-14
Owner Valaris PLC
Manager Valaris PLC
Rig Type Drillship
Sub Type Ultradeep Water
Jackup Type --
Max Water Depth (ft) 12000
Max Drill Depth (ft) 40000
Dimensions (ft) 780 x 137 x 62
Leg Length (ft) --
Competitive Yes

Current Location

Country South Korea
Region East Asia

Drilling Equipment

Drawworks Type National Oilwell Varco AHD-1250
Drawworks HP 9000
Mud Pumps Type National Oilwell Varco 14-P-220 Triplex
Top Drive National Oilwell Varco TDX-1250
Hookload Capacity (lbs) 2500000

Rig Construction Details

Rig Design DSME
Rig Model 12000
Year Built 2022
Country of Build South Korea
Yard Name Okpo Shipyard
Group Yard Name Daewoo Shipbuilding & Marine Engineering (DSME)

Rig Contract Details

Operating Status Under Construction
Operator --

News

6 Dec 2016

Delivery Delay

Atwood Oceanics, Inc. (NYSE: ATW) announced today that it has agreed with Daewoo Shipbuilding & Marine Engineering Co. ("DSME") to delay the requirement to take delivery of Atwood's two newbuild ultra-deepwater drillships, the Atwood Admiral and the Atwood Archer, by two years to September 30, 2019 and June 30, 2020, respectively. In connection with the delay, Atwood will make a payment of $125 million for the Atwood Archer on or before December 15, 2016, as well as a payment of $15 million on the earlier of June 30, 2018 or the delivery date. In respect of the Atwood Admiral, Atwood will make a payment of $10 million on the earlier of September 30, 2017 or the delivery date. DSME will extend all remaining milestone payments, which include $83.9 million plus fees and interest for the Atwood Admiral and $165.0 million plus fees and interest for the Atwood Archer, until December 30, 2022. The Company's obligation to pay the remaining milestone payments will be evidenced by a promissory note executed by Alpha Admiral Company or Alpha Archer Company, each a subsidiary of the Company, on the date their respective drillship is delivered, with the note accruing interest at a rate of 5% per annum and being secured by a first preferred ship mortgage on the corresponding drillship. The Company has agreed not to terminate the construction contracts except in accordance with the terms of the supplemental agreements. The Company retains the option to take earlier delivery of each drillship, subject to a 45-day notice period to DSME, without affecting the final milestone payment date. Rob Saltiel, President and Chief Executive Officer, commented, "The restructuring of payment and delivery schedules for the Atwood Admiral and Atwood Archer is an important step in our capital structure management, enhancing liquidity and improving capital commitment timing. The two-year extensions on the delivery dates greatly improve our confidence that we will secure suitable drilling services contracts on both rigs prior to taking delivery. We now have the opportunity to earn revenues on these rigs that will cover some or all of the final payments to the shipyard. "We appreciate the flexibility that DSME has provided to Atwood Oceanics in response to this severe industry downturn." Mark Smith, Senior Vice President and Chief Financial Officer, added, "Our liquidity position is enhanced by approximately $250 million from June 30, 2018 until final payments are made to DSME on December 30, 2022. This lengthened time for making final milestone payments represents a staggering of our debt maturities. Following the December 15, 2016 payment, all interest expenses on the outstanding amounts due to DSME will be accrued and paid at the time of the final milestone payment, improving our free cash flows through 2022."

18 Dec 2015

Atwood Oceanics announces changes to delivery schedules for two ultra-deep water drillships

Atwood Oceanics, Inc. (NYSE: ATW) announced today that subsidiaries of the Company have agreed with Daewoo Shipbuilding & Marine Engineering Co. (DSME) to delay the Company's requirement to take delivery of two newbuild ultra-deepwater drillships, the Atwood Admiral and the Atwood Archer, to September 30, 2017 and June 30, 2018, respectively. In consideration of the agreement, the Company will make payments of $50 million for each drillship on December 31, 2015, and DSME will extend all remaining milestone payments, $93.9 million for the Admiral and $305 million for the Archer, until their respective delivery dates. The Company retains the option to take earlier delivery of each vessel, subject to a forty-five (45) day notice period to DSME.

10 Nov 2015

Atwood Oceanics announces that it has been chosen for exclusive negotiations for one of its drillships under construction

Atwood Oceanics, Inc. (NYSE: ATW) announced today that one of its subsidiaries has received a letter confirming that it has been chosen to enter exclusive negotiations with an undisclosed operator to conclude agreement on a drilling program offshore Brazil commencing in the third quarter of 2017. The letter specifies that either the Atwood Admiral or Atwood Archer, ultra-deepwater drillships currently under construction at the Daewoo Shipbuilding & Marine Engineering Co., Ltd yard in South Korea, would be contracted to drill the program. The letter specifies a number of contractual items that have been agreed by the parties, including the commercial rates, well count, minimum term length, and rig acceptance criteria.

24 Jun 2013

Atwood orders fourth drillship from DSME

Atwood Oceanics has announced that the company has exercised its option with Daewoo Shipbuilding and Marine Engineering (DSME) for the construction of an ultra-deepwater drillship that was due to expire on 30th June 2013. The option was attached to the company’s order of the ‘Atwood Admiral’ in September 2012, with the new unit set to be named the ‘Atwood Archer’. The ‘Atwood Archer’ is expected to cost US$635 million, and is due to be delivered by the 31st December 2015 and will be the fourth drillship in Atwood’s growing offshore rig fleet. The ‘Atwood Archer’ will be equipped with two blowout preventers and will be able to operate in water depths up to 12,000ft, whilst the order also comes with another option which expires at the end of March 2014 for the delivery of a similar drillship unit in September 2016.

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