Viking Seeks Charterer for Jackup Now Being Built in China

Singapore's Viking Offshore and Marine Limited hoped to find a charterer for a jackup, which the firm partially owns through its 30 percent stake in Smart Earl Investment Pte Ltd., currently under construction at China Merchant Heavy Industries shipyard in China, the company said in a business and corporate update Wednesday.

"The construction of the Viking O&M Jackup TBN 1(375' ILC) has commenced and, in consultation with its partners, the Group will seek charter opportunities," the company said in the press release.

Viking announced the construction of the $180 million cantilever CJ46-X100-D GustoMSC designed jackup, equipped for use in water depth up to 375 feet and with accommodation for 120 men, in November 2013.

The investment in the jackup, scheduled for completion by end 2015, "marks the Group’s entry into the mainstream offshore and marine to build a new pillar of growth through asset ownership and offering asset-based services including rig charter".

Viking believed that the synergistic effect of this transaction will see its core competence and products being employed onto the jackup and open up avenues for the firm to participate in future similarly configured jackups to be built in the same yard.

The company's main businesses are in the provision of HVAC&R (heating, ventilation and air-conditioning systems as well as refrigeration systems); winches and power packs; and telecommunications, fire and gas detection, control and instrumentation system.

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