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Norway’s Seadrill (SDRL.OL) said on Monday it would acquire two ultra-deepwater semi-submersible drilling rigs, sending its shares higher.
Shares in Seadrill rose 1.9% to 201 crowns in the opening trade, outperforming a 0.8% rise in the Oslo stock exchange benchmark index.
Seadrill, one of the world’s largest deep-water drillers, said the total project price for the two rigs is estimated to be about $1.2 billion and the firm said it has secured new bank debt to finance the investment.
Seadrill chairman John Fredriksen said in a statement that the cash break-even cost per day for each rig was expected to be around $385,000.
“The Board anticipates that the purchase of the two rigs including the agreed financing will strengthen Seadrill’s dividend capacity going forward,” Fredriksen said.
The two rigs, which are currently under construction at the Jurong Shipyard in Singapore, are expected to be delivered in the first quarter and fourth quarter 2011, respectively.
