Fledgling Norwegian company Fram Drilling is understood to have signed a preliminary deal with Cosco Shipyard of China covering delivery of two cylindrical offshore drilling rigs potentially worth some $500 million apiece.

Such a deal would stand out as a bold, counter-cyclical leap of faith in the belief that demand for deep-water rigs will rebound and outstrip supply within three years’ time, but sources suggested this week that Fram faces an uphill climb in its bid to raise the approximately $50 million required to set the plan in motion.

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