Cosco scores another $170M drilling rig contract

Dalian shipyard will build the rig for a Foreign Limited (London) subsidiary.

The Rig is scheduled to be delivered in the first quarter of 2015, Cosco Corporation advised in a release.

COSCO (Dalian) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured a $170 million contract from Talland Navigation Limited Corporation, a subsidiary of Foresight Limited (London) to build (1) one unit Jackup Drilling Rig (the “Rig”) based on the LeTourneau Super 116E Class design.

The Rig will be built to ABS classification, with notation A1, and will be a selfelevating drilling unit. The Rig with drilling depth of up to 30,000 feet, will be capable of operating in 350 feet water, with accommodation for up to 120 persons onboard. The Rig will be equipped for efficient operation and layout, optimization of deck space, ease of material handling, and safety of personnel on board.

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