TTS Secures Contracts Worth USD 80 Million to Supply Drilling Equipment Packages in China

TTS Energy AS, subsidiary of TTS Group ASA, has signed contracts with DSIC Offshore in Dalian, China, for two new Drilling Equipment Packages.

These contracts are the execution of two, out of three, optional units in relation to similar contracts signed between DSIC Offshore and TTS Energy in November last year. So far, it brings the total number of drilling packages to be supplied by TTS Energy to the yard, to four.

The new contracts have a total value of approximately USD 80 million and include complete drilling equipment packages to be installed on two new F&G JU2000E Jack Up Rigs. The rigs are scheduled for delivery second half of 2013.

The prospects for the new-build rig market continues to look positive and these two new contracts with DSIC Offshore re-confirm TTS Energy’s competiveness in the high specification drilling market. It also confirms our success in long term cooperations with Chinese yards, says Johannes Neteland, CEO of TTS Group ASA.

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

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Source:TTS , April 5, 2011;