Marine Log

December 6, 2006

Yantai-Raffles books jackup order

Singapore-based Yantai Raffles Shipyard Limited says it has sealed a building contract for a jackup drilling rig worth approximately US $135 million including owner furnished equipment costs.

The order is for the construction of a new Friede and Goldman (F&G) Super M2 Jack-up design at Yantai-Raffles yard at Yantai, Shandong, China.

The order has been placed by Uni-Arab Group Holdings, Abu Dhabi, United Arab Emirates.

The Super M2 Jack-up Drilling Rig is a proprietary design by F&G.

It is designed for operating in up to 300 feet water depths and drilling depth of 20,000 feet. It also has accommodation facilities for 110 men.

The construction of the Super M2 is expected to commence in the first quarter of 2008 and scheduled for delivery in early 2009.

Yantai-Raffles says the new contract signifies a major breakthrough for the Group into Jack-up Drilling Rigs and that it has boosted its order book to US$1.44 billion.