Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
1
11 April 2012
ENSCO 8500 Series®
Mark Burns
Senior Vice President – Western Hemisphere
David Hensel
Vice President – North and South America
2
• Addressing “Heart of the Deepwater Market”
• Cost-effective design and operations predicated
on success of ENSCO 7500 delivered in 2000
• Leverage shipyard and vendor relationships
• Owner specified vs. owner supplied equipment
• Customer contract before shipyard contract
• Leverage customer relationships and workforce
• Compelling economics
• Win/Win/Win approach
Strategy
3
Targeting the Heart of the Deepwater Market
0
100
200
300
400
500
600
1,000 - 2,999' 3,000' - 7,499' > 7500'
No
. o
f W
ells
Water Depth
Source: IHS ODS-Petrodata. Wells drilled since 2005 by ultra-deepwater semisubmersibles
4
• Proven cost-effective design with enhanced operating
capabilities suitable for exploration and development
drilling programs
• Proven project management with demonstrated on
time delivery performance
• Equipment with value-added features based on
detailed customer input that also contains costs
• Deck layout facilitates customer equipment flexibility
Value Proposition
5
Uniform Design Benefits
Spare Parts
ENSCO Rig 8500 8501 8502 8503 8504 8505 8506
Shipyard
Repair &
Maintenance
Common
Equipment
Training
6
ENSCO 8500 Series® Technical Review
7
ENSCO 8500 Series® Profile
Water Depth 8,500/10,000 ft
Rated Drill Depth
35,000 ft
Main Deck L x W
240 ft x 255 ft
Hull Dimensions L x W
310 ft x 56 ft
Classification DPS-2
Offline Activity Moon pool & drill floor
8 Hull Length 310’ by 56’ Wide
Quarters
150 beds
Main Deck
Height 97’
Length 240’
Substructure
Height 46’
Columns
Width 45’
w/rounded
corners
Profile Dimensions
9
BOP Equipment
• Latest generation
• 1st to be recertified in GOM
• 6 rams compact 18-3/4” 15M
• 6th ram is a test ram
• Blind shear & casing shear ram
w/22” operators @ 5,000 psi
Subsea Equipment
10
Design Efficiencies
• Ability to work offline on drill
floor and moonpool
• Ability to handle 93’ length of
drill pipe & casing on catwalk
• Multi-manipulator arm drill floor
• Electronic driller
• Dual oil base & water base mud
system
• Improved tree handling layout
• BOP test ram
• Riser hang-off/transit system
11
ENSCO 8500 Series® Successes
12
• Drilled in 7,200’ water depth
• Drilled to 33,814’
• Ran 13 5/8” casing string weighing 1.8 million lbs
• ENSCO 8503 operated at currents up to 5.8 knots in
French Guiana
• DWAT/Sea Trials – ENSCO 8503 completed in 49 days
(10 day improvement)
• Mobilization – ENSCO 8505 from Singapore to GOM in
39 days
Operational Successes
13
• 1st rigs to be recertified in USGOM
• ENSCO 8500 worked at full day rate on allowed activities
• ENSCO 8501 first rig in USGOM to receive drilling permit
post-Macondo
• DOI visits rigs to highlight resumption of drilling in the
USGOM
Regulatory Successes
14
Customer Successes
ENSCO 8500 Drills Anadarko’s
Major Lucius Discovery
ENSCO 8503 Drills Tullow’s
French Guiana Discovery
GRSS Meeting 5th March 2012
French Guiana – Zaedyus timeline
2010
15th February End of 3D seismic acquisition on Eastern Slope.
5th May Processed 3D data available in house.
25th September Zaedyus prospect selected; final location determined
14th December
Substantial revisions to well design are required in the light of evolving pore pressure fracture gradient predictions.
2011
9th February ENSCO 8503 departs Gulf of Mexico.
1st March ENSCO 8503 arrives on location
3rd March Drilling permit approved by Prefect
5th March Zaedyus spudded
9th September Press release, Zaedyus discovery
19th November ENSCO 8503 preparing for demobilisation
8th December Rig off contract in GOM
GRSS Meeting 5th March 2012
Zaedyus; Key Lessons (1/2)
• Excellent EHS performance by the team particularly ENSCO 8503 (new build); – more than 0.5 million man hours without an LTI and no environmental incidents
• ENSCO 8503 rig uptime 96.2% - good for newbuild
• Detailed pore-pressure modelling and monitoring – But onset of likely overpressure in the shale was not initially countered with sufficient mud-weight
• Main supply base in Port of Spain, Trinidad – Supplemented by Paramaribo e.g. hot shot airfreight, MGO
• Four supply boats utilised, incl. one fast vessel; no waiting time during entire operation – 3-4 days sailing one-way to Port of Spain
– Security of fuel supply critical; strike in Trinidad affected deliveries to Paramaribo
– Vessels only had 2,000bbl MGO capacity; 5,000bbl would have been better
• Cayenne office set-up ideal – Tullow and main service providers under one roof (with some segregation)
– Over the course of the well developed “Real Time” monitoring capability in Cayenne to assist decision making, in addition to Schlumberger Real Time Operating Centre (RTOC) in Houston
GRSS Meeting 5th March 2012
Zaedyus: a major challenge successfully executed
The result:
• All the challenges were eventually overcome to deliver a major discovery with no Lost Time Injuries or Environmental Incidents
• Sensitive environment; frequent over-flights, marine mammal observers, turtles etc.
• Success case – additional contingent side track & core, side wall coring & very extensive data acquisition
• But, initial well cost and time estimates were substantially exceeded
18
ENSCO
8500
ENSCO
8501
ENSCO
8502
ENSCO
8503
ENSCO
8504
ENSCO
8505
ENSCO
8506
Standardization ̶ A Marketing Advantage
19
Customer Testimonials
“Drilling operations with our new deepwater rig ENSCO
8501 exceeded expectations. We completed the well in
approximately 15% less time than expected and 20% below
planned cost.” Nexen 2Q10 Earnings Release
“…extraordinary drilling results on a very complex well
(>33,000’ sub-salt) while having a superb safety record.” Customer letter
“…thank each and every one of you for your dedication in
building a safety and performance culture that is next to
none.” Customer letter
20
• 97% utilization for ENSCO 8500 Series® in 2011
• Revenue backlog exceeds $1.9 Billion
• IRR for Series well exceeds 15% hurdle even with
Macondo impact
• Delivered on-time and on-budget
Financial Successes
21
Newbuild Report Card
Driller Total Returns Marketing
Cost &
Timing
ESV A B A
ATW B- C- B B
DO A- A B A-
NE C- C- B- F
RDC B- C+ B+ C
RIG B+ B B A
SDRL A A- A+ B+
Average B B B+ B-
Source: Credit Suisse
A+
22
0
100
200
300
400
500
600
0
100
200
300
400
500
600
ENSCO8500
ENSCO8501
ENSCO8502
ENSCO8503
ENSCO8504
ENSCO8505
ENSCO8506
Cu
rre
nt
Da
y R
ate
(in
$ t
hou
sa
nds)
Co
nstr
uction
Cost
(in
$ m
illio
ns)
Construction Cost Current Day Rate
Strong Financial Returns
Order
Date Sep. 2005 Jan. 2006 Sep. 2006 Jun. 2007 Apr. 2008 May 2008 Aug. 2008
Contracted
Date Sep. 2005 Jan. 2006 Sep. 2007 May 2008 Apr. 2011 Oct. 2011 Jan. 2012
23
Strength of Contracts
Ensco plc
Fleet Status Report
16 February 2012
Monthly Changes
Bolded rig names and underlined text signify changes in rig status from previous report.
Segment / Region /
Rig Design
Water
Depth' (1) Customer/ Status
Day Rate $000′s
US Location
Est. Avail /
Contract
Change
Deepwater
North & South America (excluding Brazil) ENSCO 8500 Semisubmersible DP 8500/10000 Anadarko/Eni High 290s U.S. Gulf of Mexico Aug. 13
ENSCO 8501 Semisubmersible DP 8500/10000 Nexen/Noble Energy High 370s U.S. Gulf of Mexico Jun. 13
ENSCO 8502 Semisubmersible DP 8500/10000 Nexen Mid 490s U.S. Gulf of Mexico Jun. 13
ENSCO 8503 Semisubmersible DP 8500/10000 Cobalt Mid 540s U.S. Gulf of Mexico Dec. 13
24
• Strategy has proven to be successful
• Customer acceptance even better than expected
• Excellent financial returns
• Standardization has become a hallmark of Ensco
Summary
25