SBI Offshore in jack-up rig talks

Singapore’s SBI Offshore is in talks with an unnamed Middle East-Chinese consortium to build up to five jack-up drilling rigs.

SBI Offshore last week secured a US$24 million contract to provide design and engineering services for a jack-up drilling rig that can operate in water depths of up to 110 meters for the same client.

The company has revealed that if the negotiations are successful, SBI will develop and provide the design for the five rigs, and the first jack-up would be built either in China or Singapore.

According to a press release by SBI Offshore, the rigs are expected to be deployed in the Middle East and various parts of Asia. The price of each rig will depend on its specifications, equipment type , fabrication yard, delivery and financing terms, SBI Offshore said, adding that each rig will take two years to be built.

“SBI Offshore has entered a new phase of growth. The recently concluded design and engineering contract serves as a catalyst for the Group to secure larger onshore and offshore oil and gas projects. We are hopeful of a successful outcome in our negotiations for the rigs and intend to secure more of such higher-value projects in the future,” Chan Lai Thong, Executive Chairman of SBI, said.

August 27, 2014

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