SBI Offshore wins rig contract

Singapore: SBI Offshore has secured a $24m contract to provide design and engineering services for a jack-up drilling rig that can operate in water depths of up to 110 m.

SGX Catalist-listed SBI Offshore said its wholly owned subsidiary, SBI O&M signed the contract with a Middle East-Chinese consortium which comprises six parties that have varied interests in oil and gas activities.

Under the contract, SBI O&M will provide design, engineering and supervision services for a jack-up drilling rig.

The jack-up drilling rig will be designed for operating in the Middle East or Asian regions.

In line with its strategy to pursue larger-scale offshore or land-based oil and gas projects as well as to provide integrated solutions for drilling equipment and systems, the group announced on 2 July that it would form a 70%-held joint venture with US-based Axon Energy Products – a global oilfield equipment manufacturing company.  [19/08/14]

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