World's First New Generation Drillship Goes to Work in the Gulf of Mexico
HOUSTON, Feb. 1 /PRNewswire/ -- Conoco (NYSE: COC) and R&B Falcon Corp. (NYSE: FLC) announced that the Deepwater Pathfinder -- a first-of-its-kind, ultra-deepwater drillship -- began a five-year work program today in the Gulf of Mexico.
The ship, which is the first new build capable of drilling in 10,000 feet of water, will fulfill a $400 million drilling program for Conoco. The vessel is expected to drill three or four wells in its first year of operation, with the first exploratory well being drilled at Garden Banks Block 783. Conoco has interests in 295 deepwater leases in the Gulf.
The technological highlight of the ship is its dynamic positioning systems wherein a specialized combination of seabed and satellite systems send signals to onboard computers. Six high-powered thrusters will counter the force of currents, wind and waves to keep the vessel exactly on target without an anchor, even in weather conditions as severe as a ten-year Gulf of Mexico storm.
Furthermore, the Deepwater Pathfinder is the only drillship worldwide incorporating triple-redundant power and operating functions, which qualify for the American Bureau of Shipping's DP3 classification -- the shipping society's highest standard of safety, redundancy and reliability for dynamically positioned vessels.
"The Deepwater Pathfinder is a cost-effective, strategic investment that will provide Conoco with the capability to explore and develop its huge deepwater portfolio," said Archie Dunham, Conoco president and chief executive officer. "Several factors allowed Conoco and R&B Falcon to build this high- tech drillship economically and on schedule. First, the team designed the vessel before negotiating the construction contract. That means we were able to describe exactly what we wanted and price the contract accordingly.
"We assembled an integrated team from both companies and Samsung, with expertise in drilling, marine, construction and project management. The team built and installed both the topsides and the vessel at the same shipyard, which saved time and money," he said.
The Deepwater Pathfinder has numerous innovative features that combine to make it a new generation of drillships. First, it is capable of drilling in water depths as great as 10,000 feet -- depths unimaginable only a few years ago. Second, no other ultra-deepwater drillship designed to date meets such stringent standards for safety, redundancy and reliability. Third, in one of the first applications of its kind, the vessel features computerized rig floor operations, with conventional manual backup capabilities. This automation virtually eliminates the human element from operating much of the traditional drilling equipment, thereby reducing the risk of injury and increasing efficiency.
Conoco and R&B Falcon are building a second deepwater drillship with the same specifications that is expected to be delivered in early 1999 -- about two months ahead of schedule. It will operate on Conoco's deepwater tracts in other parts of the world, such as the Atlantic Margin, Norway, New Zealand and Nigeria. Conoco holds more than 35 million acres of deepwater leases throughout the world.
Conoco will contract the second ship for 2.5 years out of the first five years of its operation, with renewal options.
Conoco is a major, integrated energy company based in Houston and active in 40 countries.
This news release contains certain forward-looking statements. These statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Therefore, actual outcomes and results may differ materially from what is expressed herein. Such matters are detailed in Conoco's publicly available filings with the Securities and Exchange Commission.
SOURCE Conoco Inc.
CO: Conoco Inc.; R&B Falcon Corp.
ST: Texas
IN: OIL
SU:
02/01/99 09:03 EST prnewswire.com |
