Singapore: Jurong Shipyard Orders Drilling Equipment from TTS for New Jack-Up Rig

Through its subsidiary TTS Energy AS, TTS Group ASA has signed a Letter of Intent with Jurong Shipyard Pte Ltd in Singapore, for delivery of a high performance drilling equipment package for a new CJ70 Jack-up to be built for North Atlantic Drilling Ltd.

The contract has a value of approximately NOK 350 million plus various optional equipment yet to be decided on.

The drilling equipment is scheduled for delivery during Q3 and Q4 2012. TTS Energy has also granted Jurong Shipyard two options valid until September 30th, 2011 for identical drilling equipment packages.

TTS Energy has previously supplied a similar drilling equipment package for a CJ70 rig currently being finalized at Jurong Shipyard for North Atlantic Drilling where Seadrill holds a majority share.

“We are very pleased to again have been chosen to deliver a high specification rig package to Jurong Shipyard and North Atlantic Drilling,” says Johannes Neteland, President & CEO of TTS Group.

TTS Energy is a supplier of high performance drilling and handling solutions to the international oil and gas industry.

350 million Norwegian kroner = 63.0042 million U.S. dollars

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Source: TTS, June 20, 2011; Image: GustoMSC