SBI Offshore Negotiates with ME-Chinese Consortium to Build 5 Jackups

Singapore-listed engineering, fabrication and equipment solutions provider SBI Offshore Limited revealed Wednesday that a Middle East-Chinese consortium has commenced discussions with the company to build up to five jackups.

SBI commenced negotiations with the consortium, which recently awarded SBI's subsidiary SBI O&M Pte. Ltd. (SBI O&M) a contract to provide design and engineering services for a jackup, a week after securing from the latter the $24 million contract to design a jackup that will meet American Bureau of Shipping Classification (A1 Self-Elevating Drilling Unit) requirements.

If the talks are successful, SBI plans to build the first jackup in a regional shipyard, possibly in China or Singapore. Construction of all five jackups, with each taking at least two years to build, is expected to be completed in about six years. When the jackups are ready, the Consortium has indicated that they will be deployed to the Middle East and various parts of Asia for operation in water depths of up to 360 feet (110 meters).

"The price of each Rig will depend on its specifications, equipment type and make, fabrication yard, delivery and financing terms," SBI said in a press release.

“SBI Offshore has entered a new phase of growth. The recently concluded design and engineering contract serves as a catalyst for the Group to secure larger onshore and offshore oil and gas projects. We are hopeful of a successful outcome in our negotiations for the Rigs and intend to secure more of such higher-value projects in the future,” Chan Lai Thong, SBI executive chairman added.

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