Viking goes for second rig

Singapore: Viking Offshore & Marine will participate in the ownership of a second cantilever drilling jack-up rig, further strengthening its partnership with Singapore rig veteran, Chan Kwan Bian as it accelerates its entry into mainstream offshore rig chartering.
 
SGX Catalist-listed Viking said its wholly-owned Viking Asset Management (VAM) will invest $5.4m to take a 30%-stake in Quick Booms Investments (QBI), a special purpose vehicle controlled by Chan which has a contract with a yard to build the CJ46-X100-D GustoMSC designed for use in water depth up to 375 t and can accommodate 120 men during operation.
 
The investment in QBI follows Viking’s announcement on 4 November last year of its first investment in a rig.
 
Chan co-founded Labroy Marine, a then-SGX listed offshore and marine specialist which was sold to Dubai Drydocks World for S$2.4bn in 2008.
 
Daniel Lin, executive director of Viking and ceo of VAM, said: “Viking is moving rapidly to develop its new pillar of growth – mainstream offshore rig chartering. This second rig, being finalised four months after the first one, underscores the faith that Viking has in extending its partnership with an experienced offshore rig operator such as Mr Chan Kwan Bian.”  [12/03/14]

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