The rig is slated to be completed at the end of the third quarter 2013 and total project price is estimated at $530m, which includes project management, drilling and handling tools, spares and capitalized interest.
Seadrill has secured a five-year contract worth about $680m with ConocoPhillips for use of the newbuild jack-up on the Ekofisk South and Eldfisk 2 expansion projects on the Norwegian continental shelf.
The contract commencement is scheduled for the fourth quarter of 2013.
The jack-up is an advanced, ultra large, harsh environment, high specification drilling unit, specifically built to Norwegian requirements and matching the specification of the largest jack-up drilling units in the world.
The company said that the unit provides means to operate in water depth up to 150m with a higher variable deck load and a higher operating efficiency compared to previous jack-up generations.
Seadrill has committed to offer the drilling contract and the construction contract at original terms to North Atlantic Drilling, which is a 75%-owned subsidiary of Seadrill.
