Yangzijiang Shipbuilding has taken advantage of the tight offshore drilling rig market to finally offload a jackup unit left stranded at the yard.
The Chinese shipbuilder entered the offshore jackup construction sector in 2012 in a $170m deal with Explorer I Limited, a subsidiary of Mena Offshore Investments, for one firm rig for delivery in the second quarter of 2015 and one optional unit.
The deal for the jackup, built in 2016, was terminated and the unit has since been categorized as inventory.
The price and the buyer of the Letourneau Super 116E Class design self-elevating rig have not been revealed, but the shipbuilder said the deal is expected to have a positive impact on its earnings.
Yangzijiang added that had the sale taken place in January last year, earnings per share for the 2022 financial year would have been 9.6% higher, and consolidated net tangible asset per share attributable to shareholders would have been 1.5% higher.
