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TSC Offshore lands $52m contract, forms new joint venture

TSC Offshore lands $52m contract, forms new joint venture
TSC Offshore has clinched three drilling equipment package contracts worth $52.22m from CSSC Huangpu Wenchong Shipbuilding Company, and established a new equipment manufacturing joint venture in China’s Jiangsu province.

TSC Offshore, services provider to the drilling industries, will provide a drilling equipment package, electric control and deck cranes for a jack-up drilling rig being built at Huangpu Wenchong.

The drilling equipment package will be delivered from the second quarter of 2016 to the first quarter of 2017.

The R-550D H6006 jack-up drilling rig will be designed for operation in harsh marine environments at water depths of up to 400 feet.

“The growing demand for these new designs operating in deeper waters offers a unique opportunity to the company through the contracts,” TSC Offshore said.

TSC (Qingdao) Manufacture Co, wholly-owned by TSC Offshore, has also entered into an agreement with Jianhu Nuopu Machinery Co to set up a joint venture firm in Yancheng City in Jiangsu province.

The joint venture, TSC (Yancheng) Manufacture Co, will focus on petroleum equipment manufacturing, integration, sales and technical advisory services.

TSC Offshore said that with the formation of TSC (Yancheng) Manufacture, the group has officially entered into the area of producing well control equipment and wellhead devices to complement its offshore equipment services business.

Meanwhile, Hong Kong-listed TSC Offshore has posted a first half net profit of $9.47m, down 8.1% compared to the gain of $10.31m in the year-ago period.
The decrease in profit was mainly due to the downturn in worldwide drilling activities and resulted in lower operating profit in its engineering services segment, according to TSC Offshore.

Revenue in the first six months improved to $119.57m from $108.15m in the same period of 2014.