Dragon targets jack-up

By TAN HWEE HWEE Singapore

 29 April 2011 01:52 GMT

UK-listed Dragon Oil is expected to release a tender for an extended jack-up charter that could potentially spawn a newbuild rig order worth more than $200 million.

Sources said Dragon Oil has issued an expression of interest for a jack-up drilling unit rated for 300 feet of water for a five-year drilling contract off Turkmenistan.

The Caspian Sea-focused explorer is likely to remain open to rig designs, though it has specified a preference for either a Friede & Goldman Super M2 or LeTourneau Super 116E design unit.

The start date of the charter was not specified, but sources said the rig construction and delivery will take about two to three years.

A newbuild drilling unit destined for the Caspian region is…

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