British Virgin Island and Seychelles-registered rig player Selective Marine has taken delivery of a jack-up rig built by Chinese yard Cosco Shipping Heavy Industry, which looks set to operate for Abu Dhabi National Oil Company (Adnoc) in the Middle East.
The delivery last weekend will see the LeTourneau Super 116E unit head out on bareboat charter for operation in the Middle East under a contract signed between Selective Marine and China’s rig manger SinoOcean in May.
Although details of the charter are unclear, contracting sources said the jack-up will be put to work at fields operated by Abu Dhabi state player Adnoc on a dayrate of $60,000.
SinoOcean was established by the Chinese government last year to sell or charter rigs built by domestic yards but abandoned by foreign rig owners as a result of the downturn that hit the industry between 2014 and 2016.
The rig, named Dynamic Momentum, was ordered by India-based contractor Deepwater Drilling through its Singapore-based associate Dynamic Momentum in 2014.
Deepwater Drilling walked away from the project following the oil price collapse in the middle of the last decade, leaving Cosco to finance the remaining construction of the rig that was ordered for $180 million.
The rig is designed to operate in up to 350 feet of water and to a drilling depth of 30,000 feet.