Yantai Raffles to Extend Frigstad's Deadline on 2nd Option Rig

Yantai Raffles Shipyard has agreed with Frigstad Discoverer Invest Ltd to extend the June 5, 2007 deadline for executing the contract to build a second rig similar to the SS Frigstad Oslo, which is currently under construction at the YRS. Under this agreement, Frigstad may now declare the option anytime before August 5, 2007.

There is no added cost for Frigstad to obtain this extension for the second option. The added yard cost, if this option is declared, is 1% per month from April 5, 2007 until June 5, 2007, and 2% per month for the following two months.

Frigstad also has a third option to build yet another rig at YRS, whether or not the above option is declared. The due date for this option is October 5, 2007.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
CDL Class A Driver
Expertise: Motorman|Truck / HGV Driver
Location: Midland, TX
Expertise: Heavy Machinery Operator|Mud Engineer / Drilling Fluids
Location: North Dakota, United States, ND
Rig Mechanic Senior
Expertise: Rig Mechanic|Rig Welder
Location: Beggs, OK
search for more jobs

Brent Crude Oil : $51.33/BBL 1.14%
Light Crude Oil : $48.37/BBL 1.34%
Natural Gas : $3.1/MMBtu 1.63%
Updated in last 24 hours