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next-generation systems and US Gulf of Mexico, Mexico, the tools for deepwater exploration Mediterranean and the Caspian and production so BP can tap Sea, so the new drillships will reservoirs with pressures up to not have to contend with hos- 20,000 psi and temperatures up tile conditions outside of water to 350°F. depth and HPHT.

Since the conceptual engineering partnership was

Rig market: Costs announced in February 2013, BP have to come down in Houston and Maersk Drilling Meanwhile, Smidth says that in Copenhagen are the two while the slump in the oil price teams working on the project. is putting operators under

Mid-2014, Maersk placed orders pressure, in his opinion the rise for four blowout preventors in cost levels during the past (BOPs) and two risers from 10 years is hard to justify. This

US-based GE Oil and Gas. The escalation in costs was right equipment will be delivered across the value chain. and deployed on two Maersk “We haven’t seen a crash in

Drilling-operated 20K drilling prices of newbuilds, and the rigs by the end of 2018. cost level certainly has to come

Smidth says the BOP con- down. The industry has to real- tracts were signed in advance of ize that,” he says.

any rig construction contracts He notes that rigs were just because Maersk wanted to beginning to be stacked and ensure the BOPs and risers that if there was a “shake out at were ready when required. They the bottom” of the much older will not be retro? tted to existing rigs that had been kept alive rigs. and were now 20-30 years old, “We don’t think that exist- it would be “a good thing.” ing rigs would be suitable,” he Maersk Drilling is committed explained. “For the 20K project, to its strategy of maintaining

The Maersk Integrator jackup.

the BOP has to be bigger and a ? eet of high-quality, highly heavier. All the piping needs to be rated for dedicated to the project will be drillships due e