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TSC sells jack-up drilling rig

TSC sells jack-up drilling rig
TSC Group Holdings has entered into a sales and purchase agreement with Hongkong Petrolor Oilfield Services Co to sell a jack-up oil rig at an undisclosed price.

Alliance Offshore Drilling (AOD), wholly-owned by TSC, will sell the Zentech Design R-550D jack-up drilling rig which will be constructed at China's CSSC Guangzhou Huangpu Shipbuilding.

The rig is scheduled to be delivered 28 months from the date of the contract between the shipyard and AOD on 6 May 2013.

“The company has already provided several drilling packages on jack-up rigs and this will be the ninth jack-up drilling package for the company. The transaction arising from the agreement is conducted in the ordinary and usual course of business of the company,” said Hong Kong-listed TSC.

Petrolor will make a downpayment of 10% of the purchase price after signing the sales and purchase agreement and on completion of detailed engineering and approval of the classification society.

The R-550D jack-up rig is a high performance, three-legged, extended reach cantilever type jack-up drilling rig, suitable for operations in many major offshore fields in Asia, Africa, the Gulf of Mexico and the Middle East in water depths of up to 400 feet, according to TSC.

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