TTS Inks Contract with DSIC Offshore

TTS Energy, which is part of TTS Group, has signed a contract with DSIC Offshore in Dalian, China for two Drilling Equipment Packages. The contract, which is subject to financing, has a value of approximately USD 76 million. The Drilling Equipment Packages will be installed on two new high specification F&G JU2000E Jack Up Rigs which are scheduled for delivery Q4 2012.

DSIC has options for delivery of three additional drilling rigs with the yard.

"The new-build rig market has recently picked up and looks promising compared to last year. It therefore feels good to get confirmation that we are competitive on high specification rig projects," said Johannes Neteland, CEO of TTS Group ASA.