June 1, 2009
Vietnam yard to build LeTourneau jack-up
Rowan Companies, Inc. (NYSE: RDC - News) says that its wholly-owned subsidiary, LeTourneau Technologies, Inc. (LTI) is to provide the rig kit, license and technical consultancy assistance to Vietnam's PetroVietnam Marine Shipyard J/S Company for the construction of a newbuild LeTourneau Super 116E jack-up rig with 377 feet of leg.
PetroVietnam Shipyard will construct the Super 116E jack-up for Vietnam Oil & Gas Group (PetroVietnam) in Vung Tau City, S. R. Vietnam.
LTI's contract with PetroVietnam Shipyard, valued at approximately $40 million, provides key rig kit equipment, designed and fabricated by LTI, including the leg components, elevating system, controls, spud can materials, cantilever skidding system and hold-down structures. LTI will deliver the rig kit equipment in stages commencing in the fourth quarter of 2009 with the final shipment in the third quarter of 2010.
The Super 116E Class is one of five current LTI jack-up rig designs, and is an evolution of LTI's industry workhorse 116-C Class design. The Super 116E provides for up to 2,000 kips greater payload than its predecessor and is designed to drill in up to 350 feet of water in moderate environmental locations. The rig can be outfitted to handle high temperature/high pressure wells.