Fred Olsen inks $700m HHI rig order

TradeWinds

Eoin O'Cinneide

 25 May 2012 13:17 GMT

Fred Olsen Energy has signed up for a harsh-environment semi-submersible drilling rig at Hyundai Heavy Industries.

The Oslo-listed player has also pencilled in an optional contract for a similar unit at the South Korean shipbuilding heavyweight, the former revealed on Friday.

Delivery of the firm unit is expected to take place in March 2015 with the optional rig, if declared, likely to hit the water later the same year.

The $700 million price tag is a total project cost including owner furnished equipment. A base cost for the hull was not given.

The rig will be a Moss Maritime CS 60 E design and will be capable of operating in…

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