Transocean Ltd. announced that a subsidiary has awarded contracts to Keppel FELS Limited's shipyard in Singapore for the construction of five Super B 400 Bigfoot Class jackup drilling rigs. The first rig is expected to be delivered from the shipyard in the first quarter of 2016 and the remaining four jackups delivered at approximately four-month intervals thereafter. The combined capital cost for the five rigs is estimated at under $1.2 billion, excluding capitalized interest, and includes the shipyard contracts; project management; all owner-furnished equipment; capital spares and inventory; and costs associated with operational readiness.
Additionally, each of the five contracts includes an option to order an additional jackup of the same design and specifications on similar terms. The first option must be exercised within one year; the remaining four options must be exercised within consecutive four-month intervals thereafter.