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.

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