Grenland Awarded Engineering Contract on Semisub Rig at Yantai Yard

Grenland Group has signed a contract with COSL Drilling Semi AS worth around NOK 50 million for project-related work on a semisubmersible rig under construction at the Yantai yard in China.

"The contract is a breakthrough for our business in China and confirms that our engineering competence and long experience of executing large projects is in high demand. For this project we will engage engineers from our offices in Asia and in Sandefjord, and we believe this is only the beginning of a further cooperation with COSL Drilling," said CEO Terje Uthus in Grenland Group.

Grenland Group will contribute with its experienced engineers in an integrated project team together with COSL Drilling Semi AS and Yantai Raffles -- the yard where the semisubmersible rig "COSLPioneer" bound for BP's Skarv field is under construction.

Grenland Group has extensive experience with delivering engineering services and solutions related to FPSOs, FSOs, oil rigs and well intervention vessels.

Grenland Group ASA is operating in the engineering, fabrication and installation markets for offshore and landbased industries. The company has activities in 13 fixed locations in Norway, and close to 1,200 employees. In addition, the Group has subsidiaries in Kuala Lumpur and Shanghai. In 2008, Grenland Group had a turnover of almost NOK 1.8 billion.

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