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Yangzijiang sells jack-up drilling rig

Photo: Marcus Hand Jack-up rig anchored off Malaysia
Private Chinese shipbuilder Yangzijiang Shipbuilding announced the sale of a self-elevating mobile offshore jack-up drilling rig from a previously terminated contract.

Yangzijiang had entered into a $170m contract with Explorer I Limited to complete and deliver one unit of a Le Tourneau Super 116E Class design self-elevating mobile offshore jack up drilling rig.

Delivery of the rig was expected in the second quarter of 2015. It would be classified by ABS and capable of drilling to 30,000 feet in sea depths of up to 350 feet. The rig would be fully equipped with drilling equipment and accommodation for 120 people.

It was originally constructed upon order, which was subsequently terminated had since been categorised as inventory.

The transaction is expected to have a positive impact on the earnings of the group for the financial year ended 31 December 2023, commented Yangzijiang.