Page 50: of Offshore Engineer Magazine (Mar/Apr 2023)

49 51

FEATURE DRILLING RIGS & EQUIPMENT

This comes at a time when global drillship utilization is contract secured.

reaching record highs and dayrates, with analysts and drill- The planned reactivation scope shared at the time in- ing companies alike forecasting a multi-year growth cycle cluded an NOV package, ABB package, well control in the industry. equipment (with full recertifcation required), and hull

Westwood's offshore rig analyst Terry Childs recently and structure class renewal.

said that drillship utilization had averaged 93% for 2022, According to the company's 3Q presentation 2022, the with several contracts awarded at over $400,000 dayrates, vessel was warm-stacked with a crew of 15 people at West- "with the highest reaching $462,000 for a contract off- con Yard in Ølensvåg in November 2022, at an average shore Brazil." cost of $21,270 a day during the quarter. The company

During the 2014–2017 period, when it was still called also said at the time that the activation of the rig would

Bolette Dolphin, the drillship worked for three years for take place at Westcon Yard.

Anadarko at a reported $488.000 dayrate. After the bareboat charter announcement, Deep Value

It is worth noting that the deal between Deep Value Driller awarded Scana's PSW Technology a contract for

Driller and Saipem is for a bareboat charter, meaning it deepwater BOP stack services. was on Saipem to fnd work for the rig, provide crew, bear PSW Technology will provide services for the classifca- operational expenses, and secure a big enough contract to tion and testing of two deepwater BOP stacks.

both pay for the bareboat charter to Deep Value Driller Scana said the contract was a sizeable one, meaning it is and make proft for itself. worth between $966,370 and $4.8 million (at the time of

According to a November 2021 article by offshore drill- the award).

ing rig market analysts, Esgian, the daily operational ex- HMH, a drilling equipment and services frm, subse- pense for a modern drillship could reach around $150,000. quently said it would be supporting Deep Value Driller

According to information on the rig owner's website, (DVD) in reactivating its ultra-deepwater drillship.

between 2017 and 2020, the rig was warm-stacked at the HMH said that the full project would contain recertif- cost of $70,000 per day, and it was then relocated to Nor- cation of the complete portfolio of subsea pressure control way for more effcient stacking in 2020. products, including the riser system, diverter System and

Upon buying the rig, Deep Value Driller AS said in an Dual Stack Blow-out Prevention System.

April 19, 2021 presentation that its goal was to reduce the “Soon the BOP frame […] will be furnished with newly stacking cost to $20,000 a day, and that it was fully funded refurbished HMH BOP equipment and be deployed back for 18 months of stacking. to the rig after [fve years] in preservation,” HMH said in

A little over 22 months passed between that presenta- a social media post. HMH itself is a relatively new frm, at tion and the Saipem contract. least under the current name.

The company was established after oilfeld services frm

Baker Hughes and Norway's Akastor in late 2021 merged

REACTIVATION

In conjunction with the bareboat charter news, Deep Baker Hughes’ Subsea Drilling Systems business with

Value Driller AS also said it had entered into a $75 million Akastor’s subsidiary, MHWirth. The company did not share details on the contract value.

senior secured term loan facility agreement "with a repu- table private lender.”

The company said it would use the proceeds to fund the

WHERE NEXT FOR THE DRILLSHIP?

reactivation activities for the drillship, the refnancing of Just days after Deep Value Driller announced the bare- the company's existing credit facility, and general corpo- boat charter deal with Saipem, the Italian contractor re- rate purposes. vealed that it had secured a $400 million contract for the

The reactivation of the drilling rig is expected to cost Deep Value Driller drillship in the Ivory Coast with the around $40 million, with about $10 million to be used to joint venture between Eni and Petroci. refnance the existing credit facility. The remaining pro- The contract length was not disclosed, and Saipem did not ceeds will be used for general corporate purposes. reply to Offshore Engineer’s request for more information.

In a presentation back in April 2021, Deep Value Driller Announcing the $400 million deal with the Eni-led

AS said that it would reactivate the rig only with a frm consortium, Saipem said the value "is to be considered 50 OFFSHORE ENGINEER OEDIGITAL.COM