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CSIC yard wins jack-up rigs order

CSIC yard wins jack-up rigs order
Shanghaiguan Shipbuilding Industry Co, a subsidiary of China Shipbuilding Industry Corp (CSIC), has won an order to build two jack-up oil rigs for Singapore-listed Falcon Energy.

The jack-up rigs are priced at $218m each. The contract comes with an option to build two more similar units.

Shanghai-listed CSIC announced to the stock exchange that the total contract value, if exercised within three months, would account for 9.2% of its revenue in financial year 2012.

The owner of the jack-up rigs is FTS Derricks, a holding vehicle incorporated by Falcon Energy.