The SGX Catalist-traded offshore rig contractor is investing $5.4 million to gain the rig stake through a special purpose vehicle controlled by Chan, Quick Booms Investments.
The venture has a contract with China Merchants Industry Holdings to build a CJ46-X100-D GustoMSC-design jack-up unit.
The newbuild will be equipped to accommodate 120 workers and to operate in water depths of up to 375 feet.
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