Yantai Raffles Shipyard Clinches Second Construction Contract from OffRig

Singapore-based Yantai Raffles Shipyard Ltd has clinched a second new build semisubmersible rig and two further rig options from Norwegian firm OffRig Drilling ASA.

Called the OffRig Innovator, this second new build harsh environment semisubmersible is expected to be delivered by the end of 2008.

OffRig Drilling ASA's first semisubmersible rig order is currently being built by Yantai Raffles Shipyard at Yantai, China. The kick-off with the yard was in late October 2005 and delivery is due in the second quarter of 2008. According to OffRig Drilling's plans, the vessel is scheduled to transit to the North Sea to enable commencement of operations in the middle of 2008.

Mr. Brian Chang, YRS chairman said, "We are delighted to have secured a second new build semi-submersible rig from OffRig Drilling and to have two additional rig options from them as well. It shows OffRig Drilling's great confidence in the quality of Yantai Raffles' work."

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