Offshore oil driller Seadrill said yesterday it planned to build additional rigs after reporting rising profits.
The Norwegian contractor said it expected the ultra-deepwater rig market to become increasingly tight and wanted new units to meet demand.
It reported operating revenue of £709million in the three months to June 30, compared with some £629million in the same period last year. Earnings before interest, depreciation, tax and amortisation (ebitda) were £401million, up from £366million.
Seadrill, which operates and leases a 46-strong fleet of drillships and rigs, is awaiting delivery of 18 new ships and rigs – eight of which have already been chartered out on long-term contracts – as it aims to keep up with fast-paced developments in oil exploration.
The firm said: “The board believes that the units under construction will not be sufficient to meet the expected incremental global demand.
“Consequently, Seadrill is actively negotiating for additional new-build units.”