Tianjin Binhai Heavy Machinery, a subsidiary yard of Taiyuan Heavy Industry, has entered into a charter contract with Mexican drilling company Perforaciones Marítimas Mexicanas (PMM) for a newbuild jackup rig.
Under the contract, PMM will charter the rig from Binhai Heavy for a fix period of 600 days, with two 360-day options, and the company also has the right to purchase the rig before the end of second optional period.
If all the options are executed, Binhai Heavy will secure an total income of $125.6m from the contract.
According to Taiyuan Heavy, the company has invested a total of RMB1.33bn ($194m) on the construction of the rig and the charter contract will greatly minimise the company’s loss from the rig.
