Published On:January 18 2014
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Dubai's Drydocks World inks $730m North Sea rig deal.
Drydocks World, the Dubai-based group which has undergone a multi-billion-dollar debt restructuring, said it had been commissioned to construct the largest rig ever built for the North Sea in a deal worth $730 million.
The order from a company called Drill One Capital -whose backers include GustoMSC, spun off in 2012 by SBM Offshore, and Petrolia - was part of a package of contracts which could be worth a total of $1.4 billion to Drydocks by the third quarter, its chairman, Khamis Juma Buamim, told a press conference.
The rig - a 'jack-up' or self-elevating structure known as CJ-80 - will be the largest ever to be built for the North Sea, with completion set for 2017, Buamim said.
Drydocks said it was designed to be operated in harsh environments including the Norwegian sector of the North Sea but gave no further detail on its likely deployment.