Maersk Drilling’s second and third ultra deepwater drillships were named Thursday morning in a ceremony held at the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South Korea. Lisa Lance, wife of Ryan M. Lance, chairman and chief executive officer, ConocoPhillips (NYSE: COP), had the honour of naming Maersk Valiant, and Annell R. Bay, Vice President Global Exploration, Marathon Oil Corporation (NYSE: MRO), had the honour of naming Maersk Venturer.

Maersk Valiant and Maersk Venturer are the second and third in a series of four ultra deepwater drillships to enter Maersk Drilling’s rig fleet. The four drillships represent a total investment of USD 2.6 billion and will be delivered from the SHI shipyard in 2014.

After delivery from the yard, Maersk Valiant will commence a three year firm contract with ConocoPhillips and Marathon Oil for their respective drilling programmes in the U.S. Gulf of Mexico. The contract includes options for up to an additional two years. The estimated contract value for the firm contract is USD 694 million including mobilisation, but excluding cost escalation. A contract for Maersk Venturer is yet not signed.

“We have an ambition of growing our business activities in the ultra deepwater market. With Maersk Valiant going to the U.S. Gulf of Mexico to work for ConocoPhillips and Marathon Oil, Maersk Drilling will then operate three rigs in the region, and we are well on our way to becoming a significant drilling contractor in that market since we entered the market in 2009,” says Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board of the A.P. Moller – Maersk Group.

About the new drillships from Maersk Drilling

Featuring dual derrick and large subsea work and storage areas, the design allows for efficient well construction and field development activities through offline activities. With their advanced positioning control system, the ships automatically maintain a fixed position in severe weather conditions with waves of up to 11 metres and wind speeds of up to 26 metres per second. Special attention has been given to safety on board the drillships. Equipped with Multi Machine Control on the drill floor, the high degree of automation ensures safe operation and consistent performance. Higher transit speeds and increased capacity will reduce the overall logistics costs for oil companies.

About Maersk Drilling

Maersk Drilling has an ambition of becoming a significant and stable contributor to the A.P. Moller - Maersk Group with a profit (NOPAT) of USD 1bn by 2018, while conducting incident free operations. Maersk Drilling provides high-efficiency drilling services to oil companies around the world. In addition to the four drillships and four jack-up rigs in order, the modern fleet counts 16 drilling rigs including deepwater semi-submersibles and high-end jack-up rigs. Maersk Drilling was established in 1972 and employs an international staff of 3,600 people.