Honghua Offshore Inks $320M Contract to Build Semisub MODU for Jas Marine

Honghua Group Limited reported that its wholly-owned subsidiary Hong Hua Offshore has inked a contract Oct. 31 with a unit of Malaysia-based Jas Marine to construct a European-designed semisubmersible mobile offshore drilling unit (MODU) for approximately $320 million, the company said in a filing with the Stock Exchange of Hong Kong.

Jas Marine's subsidiary will have an option to purchase from Honghua Offshore 3 additional units with the same specifications of the semisubmersible MODU within 20 months from the date the construction contract.

Singapore-based Opus Offshore, a recently established offshore drilling services provider experienced in rig construction and project management, has been contracted to supervise construction of the semisubmersible MODU.

"The total consideration under the LOA (letter of award) worths approximately $320 million, representing 24.5 percent of the Company’s total revenue as of Dec. 31, 2013 ... (with the LOA helping) to build on that solid foundation and propel itself in to the global offshore drilling market as a world class supplier of offshore drilling equipment and vessel," Honghua said earlier in an Aug. 16. press release.

Jas Marine is mainly engaged in providing underwater services for offshore oil and gas exploration.

Have a news tip? Share it with Rigzone!
Email news@rigzone.com


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Genel can 'Plan with Confidence' in 20... (Jan 24)
 -  Savannah: Niger R3 License Area 3D Sei... (Jan 24)
 -  BridgeTex to Boost Capacity of Permian... (Jan 24)
 -  Republicans Laud Trump's Pipeline Revi... (Jan 24)
 -  Petronas: LNG Train 9 in Sarawak Moves... (Jan 23)

Most Popular Articles

From the Career Center
Jobs that may interest you
Quality & Technical Supervisor
Expertise: QA / QC / Inspection
Location: Pennsylvania, PA
Offshore Natural Gas Engine Mechanic
Expertise: Mechanic
Location: Louisiana, United States, LA
QA/QC Manager
Expertise: QA / QC / Inspection
Location: Houston
search for more jobs

Brent Crude Oil : $55.44/BBL 0.38%
Light Crude Oil : $53.18/BBL 0.81%
Natural Gas : $3.28/MMBtu 1.23%
Updated in last 24 hours