Frigstad Deepwater Rig 1 (to be named) is an ultra deepwater semi-submersible drilling unit of the Frigstad D90 design. The 7th generation drilling unit is tailor made for safe and efficient exploration and development drilling in ultra-deep waters. The rig will be capable of operating in water depths up to 12,000 feet and drilling to a total depth of 50,000 feet and be outfitted with a DP3 dynamic positioning system, full dual activity hydraulic drilling package from NOV with 2 x 1,400 ST hoisting capacity and two seven ram BOPs. The drilling unit is scheduled for delivery at the end of Q4-2015. The construction, marketing and operation of the rigs will be managed by Frigstad Offshore.