Socar in final stages of newbuild semisub deal

In the frame: workers at the SPS yard near Baku

GSF

By KAMA MUSTAFAYEVA Baku

 02 August 2012 22:59 GMT

AZERBAIJAN state oil company Socar plans to progress construction of new semi-submersible rig next month and final contract details are being negotiated with the likely main contractor, Singapore’s Keppel.

Sources said that “talks over the deal for rig construction are at the final stage and waiting for approval by the company’s chief executive”.

Socar’s drilling subsidiary Caspian Drilling Company will own and operate the new rig, which will be used for exploration and development in deep-water areas of the Caspian Sea. CSC, a subsidiary of Keppel, is line for the lead contractor role and will use its own design for the rig.

The talks are focusing on the DSS 38 design, with capability to drill in water depths of up to 1000…

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