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Samsung Heavy bags US$1.3 bln offshore drill platform order

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(Globalpost/GlobalPost)

SEOUL, June 12 (Yonhap) -- Samsung Heavy Industries Co., a South Korean shipbuilder, said Wednesday that it has clinched a US$1.3 billion deal to build two offshore drilling platforms for a Norwegian firm.

Under the deal with Norway's Statoil ASA, Samsung Heavy will deliver two jack-up rigs by October 2016, the company said in a regulatory filing.

It is the first time Samsung has won an order for a jack-up rig, a type of oil rig platform used for oil exploration.

The large-scale rigs are designed to work in harsh environments in water depths up to 150 meters and to drill wells at a distance of up to 10 kilometers, Samsung said.

According to Samsung Heavy, the rigs were expected to be put in the North Sea off the coast of Norway.

Samsung Heavy said two or three jack-up rigs are expected to be placed every year through 2020. They are emerging as one of the new revenue sources for shipbuilders.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/130612/samsung-heavy-bags-us13-bln-offshore-drill-platform-order