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Caspian Driller hits the water

A jack-up rig destined to go on a multi-year charter with Caspian-focused explorer Dragon Oil by year-end has been launched at Russian builder, Krasnye Barrikady Shipyard.

The Friede & Goldman Super M2 jack-up, Caspian Driller, was constructed in blocks at China's CIMC Raffles before being shipped to the Russian yard for final assembly. The rig is equipped with drilling equipment set supplied by Hong Kong-listed TSC Offshore.

The drilling unit is due to commence in the fourth quarter a three plus two year contract valued at $270 million at Dragon Oil's Cheleken permit off Turkmenistan.

Dubai-based drilling contractor Momentum will operate and maintain the drilling unit.

Momentum and its partners, CIMC Raffles and TSC Offshore, were awarded the drilling contract in February last year.