The first circular drilling rig for offshore drilling prepared for drilling at a water depth of almost 4200m was named at COSCO Shipyard Group’s Qidong Shipyard on 28 June 2009. A grand naming ceremony was held at the site to celebrate the successful completion of the Sevan Driller. The Sevan Driller is the world’s first of its kind, with the most advanced deep-water drilling capabilities that allow it to drill wells of up to almost 13,500m in water depths of up to nearly 4200m and an internal storage capacity of up to 150,000 barrels of oil. The owner is Sevan Marine. The construction of this rig started at COSCO Nantong Shipyard in May 2007 and was relocated to COSCO’s Qidong Shipyard in April for derrick erection and final commissioning activities. The rig is due for delivery in the third quarter of this year and will be deployed by Petrobras in the Santos Basin, off the Brazilian coastline.