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Neptune Marine Oil & Gas signs MOU for $67m drilling rig

Neptune Marine Oil & Gas signs MOU for $67m drilling rig

Singapore: Jasper Investments Limited has announced that its subsidiary, Neptune Marine Oil & Gas has made a $67m cash purchase of a drilling rig, the "Atlantic Venture" otherwise known as Sedco 708 from Cyprus-based Zelie Industrial.  

The Sedco 708 is a 1977-built second generation semi-submersible drilling rig and is one of 10 similar designs built in the 1970s that have all either been reactivated or are currently under activation.

Neptune Marine plans to upgrade the "Sedco 708" to an intermediate deepwater drilling unit of a Semi-submersible dynamic positioned ?" DP2 design, with a length of 345ft and width of245ft. It will feature a maximum displacement of 16,519 metric tonnes, a variable load of 4,500 metric tones and water and drilling depths of 5,000 and 25,000 feet respectively.

The group currently owns two drillships, the Neptune Discoverer and the Neptune Explorer.  [29/02/08]