Sevan Drilling ASA today (October 23) took delivery of the Sevan Louisiana from Cosco Quidong Shipyard in China. The drilling rig has a cylindrical hull design and will be capable of drilling in water depths to 10,000ft.
Sevan Louisiana is Sevan Drilling's third deepwater drilling rig and will start the transit to the US Gulf of Mexico.
In April 2013, Sevan announced a three-year charter contract for the new rig with privately held LLOG Bluewater Holdings LLC1, based in Covington, Louisiana. The total value of the contract is more than US$550million.
The rig will commence operation for LLOG Exploration towards the end of Q1 2014, following mobilization and additional equipment installation.
In connection with the delivery of Sevan Louisiana, LLOG has closed and drawn $1400 million of its new $1750 million bank facility, as the company announced July 23.
These funds have been used to repay and settle the existing bank facilities related to Sevan Driller and Sevan Brasil and to settle the remaining installment and other payables to Cosco.
1Scott Gutterman serves as chief executive officer of LLOG Bluewater Holdings and LLOG Exploration Co.
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