Malaysian Firm Sells Drilling Rig for $223M

Reuters

KUALA LUMPUR, April 22 (Reuters) – Malaysian firm Coastal Contracts Bhd is selling a jack-up drilling rig (JUDR) for 807 million ringgit ($223.6 million), the company said in its filing to the bourse on Wednesday.

The contract was signed through its subsidiary Thaumas Marine Pte Ltd and the JUDR is expected to be delivered in the third quarter of 2015. The firm did not say who the buyer was.

Coastal said its decision to sell the JUDR was to "reduce the company's exposure to a potential downturn in the drilling market".

It said it was also negotiating a drilling contract for another JUDR with potential charterers.

($1 = 3.6090 ringgit)

(Reporting By Trinna Leong; Editing by Pravin Char)

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

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
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Nitrogen Operator
Expertise: Field Service Tech|Production Operator
Location: Odessa, TX
 
Reverse Unit Operator
Expertise: Well Servicing & Testing
Location: Odessa, TX
 
Slickline and E-Line Operators, Location: Rosharon, TX
Expertise: Production Operator|Slickline|Wireline
Location: Rosharon, TX
 
search for more jobs

Brent Crude Oil : $56.43/BBL 0.40%
Light Crude Oil : $50.55/BBL 0.27%
Natural Gas : $2.95/MMBtu 5.44%
Updated in last 24 hours