China: CSIC to Build Jack-Ups Worth Up to $872 Mln

China Shipbuilding Industry Corporation today announced it has secured a contract to construct two jack-up rigs for Singapore’s FTS Derricks Pte Ltd.

The company said that the contract was awarded last week to its subsidiary Shanhaiguan Shipbuilding Industry.

Under the agreement, the two rigs will cost $218 million each. FTS Derricks also has option for two more rigs of the same, Gusto MSC CJ50-X120 rig design.

If FTS Derricks, a subsidiary of Falcon Energy, decides to exercise options for the other two rigs, the Chinese rig builder will earn $872 Million.

Rigs of Gusto MSC CJ50-X120 design, are intended for use in water depths of up to 91.4 m (300 ft) in harsh environment conditions.

In moderate environment conditions the rigs can be used in water depths of up to121.9 m (400 ft). The three-legged structure can accommodate a crew of 150. Maximum drilling depth for a rig of this design is 30.000 ft.

Offshore Energy Today Staff, July 8, 2013