The company said that it had signed a three-year bareboat charter contract for the newbuild semisub, which is expected to be delivered by 15 October 2007.
Upstream reported on 17 August that the company's subsidiary NorAsian Energy had secured a semisub to exploit Calauit, on Service Contract 50 in the offshore north-west Palawan basin.
The contract for the semisub requires six periodic payments over a 12-month period totalling $11.25
