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Vantage jv orders drillship at STX

Vantage jv orders drillship at STX
Seoul: Vantage Drilling has ordered a drillship at STX Offshore and Shipbuilding through a new joint venture.

Vantage formed a joint venture, Sigma Drilling, with an affiliate of Skeie Group and other investors to order a BT-UDS Dynamical Positioned Ultra Deepwater Drillship. Vantage has made a $31m investment on Sigma and has an initial stake of $42% in the joint venture.

"We view this high-spec drillship construction project as an excellent opportunity for Vantage to further grow our presence in the expanding ultra-deepwater drilling market, with only a small capital commitment,” said Paul Bragg, chairman and ceo of Vantage Drilling.

The vessel equipped to operate in water depths of 12,000 ft is due to be delivered by STX in 2015.

TAGS: Offshore
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