SDRL - Seadrill orders new ultra-deepwater drillships for delivery in 2013

Hamilton, Bermuda, November 11, 2010 - Seadrill has entered into a turnkey contract to build up to four new ultra-deepwater drillships at the Samsung yard in South Korea. The first two drillships are firmly ordered with delivery in the first and second quarter 2013, respectively. Total project price per rig is estimated to be less than US$600 million, which includes a turnkey contract with the yard, project management, drilling and handling tools, spares, capitalized interest and operations preparations. The contract further includes a fixed price option for further two drillships to be declared during the first quarter 2011.

The dual derrick drillships are of an improved design compared to the three previous drillships Seadrill has taken delivery of from Samsung, with further enhanced capacity related to water depth, technical capabilities as well as increased accommodation capacity. The new dynamic positioning drillships will be capable of operations in water depths up to 12,000 feet and with a hook load capability of 1,250 tons especially targeting operations in challenging areas such as the Gulf of Mexico, Brazil and West Africa. The drillships will be the first newbuilds to be outfitted with seven ram configuration of the BOP (Blow Out Preventer) stack. 

The decision to add another two ultra-deepwater newbuilds to the existing fleet is based on the continued strength of the offshore drilling market, the return that these investments are expected to deliver and the financial flexibility generated by the Company's contract backlog. The order of new drillships is considered financial superior to other alternative investments.

Alf C Thorkildsen, Chief Executive Officer of Seadrill Management AS, says: "Our commitment to establish Seadrill as a leading drilling contractor through investing in new high specification offshore drilling units built by quality yards has been well received by our customers and investors. With the most modern drilling fleet in the world and a total contract backlog of US$11.5 billion, we have created a solid platform for further growth and a continued high return to our shareholders. These orders confirm our positive view on the market outlook as well as our good experience with this design and the Samsung yard."

 

Contact:
Jim Dåtland,
Vice President Investor Relations
Seadrill Management AS
+47 51 30 99 19      

Keppel shipyard liable for fire that gutted Aboitiz ship

MANILA, Philippines - The Supreme Court is standing pat on its decision ordering Keppel Cebu Shipyard, Inc. to pay a minimum of P330 million for the fire that burned down Aboitiz Transport System Corp.’s M/V Superferry 3 in 2000.

In a 5-page resolution, the high court’s 2nd division said there are no new grounds that would merit a reversal of its September 25, 2009 decision.

There, the high court saw that the shipyard was negligent in its duties.

The issue stemmed from the ship repair agreement that the then William, Gothong & Aboitiz, Inc. had executed with Keppel.

The agreement allowed the latter to renovate and reconstruct Superferry 3 in its dry docking facility.

While repairs were ongoing, a fire broke out and caused “evasive” damage to the ship. The fire was caused by hot works at a certain portion of the ship that were done despite the absence of a safety permit.

WG&A then subrogated its rights to Pioneer Insurance and Surety Corp., which then sought damages from the shipyard. The vessel had been insured for some P360 million.

The Construction Industry Arbitration Commission, where the case was first elevated, ordered Keppel to pay the insurer a minimum of P25 million.

The legal liability went up to P50 million when the Court of Appeals acquired jurisdiction over the case.

Pioneer however insisted that Keppel is liable for a bigger amount, prompting it to proceed to the high court.

Siding with the insurer, the high court said Keppel said could not make use of the WG&A’s subrogation of its rights to Pioneer in order to ask for limited liabilities.

It had said: “Subrogation is the substitution of one person by another with reference to a lawful claim or right, so that he who is substituted succeeds to the rights of the other in relation to a debt or claim, including its remedies or securities.”

The high court computed the liability at around P329.7 million, excluding interests.
This was later affirmed, but Keppel lodged a second motion for reconsideration in an attempt to have the full court look at its case.

In its latest ruling, the high court said “[the full court] is not an appellate court to which unfavorable decisions or resolutions of a division may be appealed.”

It stressed: “Insistent reiteration, in one form or another of arguments already passed upon and rejected cannot be countenanced. Under no circumstances may a litigant or counsel engage the court in indeterminable squabbling about the correctness of its orders and dispositions.”

This is an extract from http://www.abs-cbnnews.com/business/11/16/10/keppel-shipyard-liable-fire-gutted-aboitiz-ship

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Ocean Shipping Company Costamare Falls After IPO

By LYNN COWAN

Marine shipping company Costamare Inc. shares lost ground on their first day of trading Thursday.

The company had cut the offering price ahead of the listing.
Costamare's stock opened at $12 a share on the New York Stock Exchange, flat with its initial public offering price. It sold 13.3 million shares at a level below its $15 to $17 range. In 4 p.m. composite trading, shares fell 15 cents, or 1.3%, to $11.85.

Headquartered in Greece, Costamare operates a fleet of 41 container ships, which carry cargo in individual containers that can later be attached to trains or trucks.

Its offering follows the debut of container leasing company SeaCube Container Leasing Ltd. last week, which also priced below its expected range. SeaCube rose 10% on its first day and has since added to its gains.

Like SeaCube's industry, Costamare's marine shipping business is highly sensitive to global economic conditions, and the company's fleet fluctuations reflect that. Costamare grew from 21 ships in 2000 to a peak of 53 in 2008, and has since decreased its size to 41 in response to market conditions. Its revenue grew until 2009, when it declined 6%, and it fell a further 14% in the first half of 2010; in both cases the decline was because of the lower average number of vessels in its fleet. Net income has bounced around in recent years. It rose in 2009 but fell 35% in the first half of this year.

Now, the company is tapping the IPO market to expand and upgrade its fleet with newer ships, on the premise that vessel prices remain below their 10-year historical averages even though the charter market for container ships has improved this year. The company in September entered agreements to acquire a total of seven new and secondhand container ships, and has lined up a loan conditioned upon the company completing its IPO.

Although current container ship charter rates remain low compared with highs seen in 2005, the company says in its prospectus that there are initial signs of recovery; time charter daily rates nearly doubled in the first nine months of 2010 compared with 2009. Its ships had a utilization rate of 99.8% in the first half of the year, with very few unscheduled off-hire days.

The company plans a dividend of $1 annually, which yields 8.3% at the IPO price.
Morgan Stanley and Bank of America-Merrill Lynch managed Costamare's offering

Write to Lynn Cowan at lynn.cowan@dowjones.com

This is an extract from http://online.wsj.com/article/SB10001424052748704805204575594712500683670.html

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