Oslo-listed Northern Offshore, owned by John Fredriksen of Frontline, said the contract has favourable tail-end-heavy payment terms.
Construction of the rigs will be carried out by “an experienced and well qualified Chinese shipyard, and delivery of the rigs is expected during the first and third quarters of 2016, respectively.
“We believe, after evaluating several investment alternatives, that investing in this class of jackup (LeTourneau Super 116E Class) will give the best return on capital,” said Gary W. Casswell, president and ceo of Northern Offshore.
“We are confident there will continue to be strong demand for jackup rigs with the technical specifications and capabilities of these new assets, which are ideally suited for marketplaces in Southeast Asia, the Middle East, West Africa and Latin America.”
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