Creon: Steel Cutting for New Jack-Up Rig in China

Creon, the Aim-listed resource and resource infrastructure focused investment company has announced, Jiangsu Yangzijiang Offshore Engineering Co. Ltd. (“YZJOE”), in which Creon has a 18.6% stake through its joint venture with China’s third largest ship building group, Yangzijiang Shipbuilding Pte Ltd , is ready to “strike steel” on the construction of its 350ft Le Tourneau “super enhanced 116e” design self-elevating Mobile Offshore Jack-up Drilling Rig.

This follows seven months of detailed technical engineering work, carried out by YZJOE in conjunction with Explorer 1 Limited (100% owned by Mena Offshore Investments Limited (MENA) and managed by Offshore Logistics (Asia Pacific) Pte Ltd (OLAP)).

Delivery of the rig is anticipated in the second quarter of 2015. It will be built to ABS Classifications and capable of drilling to 30,000 feet in sea depths of up to 350 feet. The rig will be fully equipped with state of the art drilling equipment and will have accommodation for 120 people.

“Striking steel” in offshore marine construction parlance means that the detailed engineering phase has been successfully completed and execution of the underlying project can now begin at its joint venture yard based in Taicang, outside Shanghai.

Glen Lau, CEO of Creon, stated:

“Self-elevating jack up rigs such as this, built to the most modern and stringent international engineering standards are in short supply and high demand, particularly with the oil majors. They also have the capability to deliver a valid ‘working life’ of up to 20 years.

“With ever more demanding technical and accommodation specifications, the rig has to be at least semi-automated and have the ability to meet today’s deeper drilling requirements, whilst of course at a highly competitive price”.

 

Press Release, August 28, 2013

 

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