Sembcorp Marine Ltd has delivered the world’s second 8th-generation drillship, the Deepwater Titan, to Transocean’s subsidiary Triton Titan GmBH.
Deepwater Titan is also the second 8th-generation drillship constructed by Sembcorp Marine based on its Jurong Espadon 3T design. The dual-derrick drillship is the first-ever unit delivered with two 20,000-psi blowout preventers (BOPs), well-control, riser, and piping systems for high-pressure and high-temperature drilling and completion operations. Like its sister rig, the Deepwater Atlas — delivered in June 2022 — Deepwater Titan is also equipped with three-million-pound hook-load hoisting capacity and capabilities to drill up to 40,000 feet and operate in water depths of up to 12,000 feet.
Both drillships were ordered by Transocean back in 2014 for a price of $540 million each, but deliveries were postponed several times. In June 2021, Transocean agreed with Sembcorp Marine on an additional delivery delay. As part of the agreement, the yard agreed to accept deferred payment for both rigs.
According to Sembcorp, the Jurong Espadon 3T is designed for enhanced safety, efficiency and sustainability, incorporating greener features for energy efficiency, fuel optimization and reduced emissions consistent with the industry’s goal of contributing to a lower carbon future.
Following delivery, Deepwater Titan is scheduled for deployment on a five-year, $830 million contract with Chevron in the U.S. Gulf of Mexico. According to the contractor’s latest fleet status report, the rig is expected to begin its commitment during the second quarter of 2023.
The Deepwater Atlas is under contract to Beacon Offshorein the U.S. Gulf drilling production wells for its Shenandoah field development in the Walker Ridge area. The Shenandoah program comprises two phases. The current phase has the rig deployed using dual BOPs rated to 15,000 psi. The initial drilling program is expected to last 255 days and result in about $80 million of contract drilling revenue.
Upon completion of the initial drilling program, a 20,000 psi BOP will be installed on the rig. The BOP installation and commissioning is expected to last 45 to 60 days, contributing around $17 million of revenue. Following the installation, the rig will kick off the second phase of the project—the well completion program. Well completion is expected to last 275 days and contribute $125 million of contract drilling revenue.
