A leading supplier of offshore contract drilling services,
) has engaged Singapore's Keppel Fels to construct a fourth
jackup rig based on its KFELS B Class Bigfoot design.
ENSCO PLC (ESV): Free Stock Analysis Report
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The rig - ENSCO 110 - will be built under a fixed-price contract
of approximately $225 million. The cost includes commissioning,
systems integration testing and project management.
ENSCO 110 - scheduled for delivery in early 2015 - will be able
to operate in water depths of 400 feet and drill up to a depth of
30,000 feet. It will be equipped with a nominal variable deck
load of 7,500 kips as well as a cantilever load of 2,500 kips.
The rig will also include a 1.5 million-pound derrick, TDS-8 top
drive and 15k Blowout Preventer (BOP).
The rig has been tailored by Ensco to include dual drilling fluid
capability and the living quarters have been revamped to 6
one-person and 67 two-person rooms. Currently, Ensco has seven
newbuild rigs on order, together with four jack-ups and three
Ensco strongly supports design standardization, which it believes
facilitates staff in operating and preserving rigs more
competently. This is evident in Ensco-operated rigs Ensco 106,
Ensco 107 and Ensco 108, which are based on the KFELS B Class
Ensco's constant efforts to upgrade its fleet create additional
earnings potential for its shareholders. In view of the growing
market for high-specification jackup rigs, the company is
advantageously positioned to augment its operations as well as
Ensco carries a Zacks Rank #3, which is equivalent to a
short-term Hold rating. However, there are other energy stocks -
Stone Energy Corp
Range Resources Corporation
NGL Energy Partners LP
) - which carry a Zacks Rank #1 (Strong Buy) and are expected to
outperform the market over the next few months.