) - a leading supplier of offshore contract drilling services -
has taken delivery of ENSCO 120, the first in its series of three
ultra-premium harsh environment jackup rigs.
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ENSCO 120 has been contracted by Nexen and will function in the
North Sea. The rig will commence operations from the beginning of
the fourth quarter and will receive a dayrate of about $230,000
plus cost adjustments.
After completion of construction at the Keppel FELS yard in
Singapore, the newbuild is advancing toward the North Sea for
final outfitting and crew adaptation.
The rig set a new shipyard record when it was jacked up
successfully to 539 feet on its 540-foot legs during jackup
trials. The rig also successfully lifted a 2.5-million-pound hook
load at its full cantilever extension.
The second rig in the series, ENSCO 121, is expected to be
delivered in the fourth quarter. Wintershall has contracted the
rig, which will also operate in the North Sea.
The new jackup rigs are superior versions of the KFELS Super A
design. The rigs are equipped to operate in water depths of about
400 feet and are designed for the most challenging large
multi-well platform programs, ultra-deep gas programs or
ultra-long reach wells with a total drilling depth of about
The new rigs are designed to expand the area of operations in the
Central North Sea and other harsh environments. Enhanced features
of the rigs include improved cantilever envelope, augmented rig
floor layout, fully programmed hands-free offline pipe handling
systems, ultra-high capacity jacking and fixation systems.
Ensco carries a Zacks Rank #3 (Hold). However, other Zacks Ranked
#1 (Strong Buy) stocks -
Range Resources Corp.
China Petroleum & Chemical Corp
) - appear more attractive for the short term.