SBI Offshore gets termination of jack-up rig deal

Singapore’s SBI Offshore announced on Thursday that a consortium of six Middle East-Chinese parties have terminated a $24 million worth jack-up drilling rig design and engineering contract it had with SBI.

SBI Offshore said that the consortium filed a termination request in view of the downturn in the offshore and marine industry caused by low oil prices.

The contract, under which SBI Offshore’s subsidiary SBI O&M was to provide design, engineering and supervision services for a jack-up drilling rig capable of operating in water depths of up to 110 meters, was signed in August 2014.

Under that contract, work was expected to start during the second half of 2014. However, the company did not provide any details regarding its progress in designing and engineering the rig.

Back in 2014, SBI was in talks with the same consortium to build up to five jack-up rigs, but the talks never materialized.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply