CHINA – CIMC Raffles has placed an order for a complete drilling package for its new Y13-1293 Jack-up rig.
The package, valued at approximately $29-6 million will be delivered by TSC Offshore Group. Upon delivery, it will be the eighth such package delivered by TSC to CIMC Raffles since 2008.
The Executive Chairman of the TSC Group, Jiang Bing Hua, said “We are grateful for the long term vision we share with CIMC Raffles, which resulted in good team effort, cooperation and hard work. We are now able to position our companies to participate in the growing demand for Jack-up rigs where more than 80% of Jack-rigs now in operation are over 25 years old.”
The provision of drilling rig packages is part of the range of integrated solutions products offered by TSC. This is one of the main drivers for TSC’s revenue growth.
The combination of new discoveries of offshore oil and gas reserves and the aging and depreciation of existing Jack up rig fleets will result in a strong growth in demand for drilling rig packages and rig solutions. By 2015, it is estimated that more than 117 Jack-up rigs will have been in service for over 35 years, all of which will be in need of either upgrading or replacement.