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Northern Offshore orders two jackup rigs at Chinese yardNorthern Offshore orders two jackup rigs at Chinese yard

Northern Offshore has ordered two jack-up drilling rigs at $180m apiece at an unnamed Chinese shipyard, with an option for two more similar units.

Lee Hong Liang, Asia Correspondent

October 4, 2013

1 Min Read
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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.”

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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