President Rohaizad Darus was quoted as saying its shortage of jack-up rigs had been a challenge, as it bid for contracts recently. However, this problem will be alleviated with its three new jack-ups coming online in rapid succession over the year.
“This year we will have three available rigs, therefore I think the opportunities to secure jobs for them are there,” he said, adding that the 20 contracts the company was aiming for were worth a total MYR1.9bn ($584.8m).
Rohaizad noted that short-term contracts, which the company defines as being up to six weeks, make up about 60% of the contracts and yield a higher contribution rate of up to 20% to 30% compared with long-term contracts, which can last up to five years.
He reaffirmed that the company would continue to expand its jack-up rig business and was currently focusing on the Asean countries, but would gradually move into projects in the Asia-Pacific, the Indian continent as well as the Middle East in three to five years, before eventually making forays into the global market by going into Brazil or Mexico.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
