Smedvig and Keppel Shipyard have entered into an agreement to build a new semisubmersible self-erecting tender rig. The cost of the new semi-tender is estimated at $82.5 million USD. The agreement calls for Keppel to build and own the semisubmersible hull at approximately $59.5 million USD and Smedvig to own the derrick equipment set at approximately $23 million USD. Smedvig shall be responsible for management, marketing and operations of the rig for a period of ten years and they shall also have the option to purchase the rig anytime during the ten year period at a pre-agreed price. The new semi-tender will be based on a similar design and specs as the West Menang, but upgraded for increased deckload and mooring in deep water. Delivery is expected the latter part of 2001. The new rig will work on dry completion platforms such as TLPs and Spars in up to 6000 feet of water.