Viking, Chan partner on jackup

November 7, 2013

Viking Offshore & Marine will partner with Chan Kwan Bian (Chan) to construct a $180MM drilling jackup rig, marking Viking’s entrance into the rig building and rig charter market. Executive Director Daniel Lin said that with this agreement, Viking has “initiated its move into the mainstream offshore and marine business.

The cantilever drilling jackup CJ46-X100-D GustoMSC rig is designed for use in water depth up to 375ft and can accommodate 120 people during operations. The build is expected to be completed within 26 months, with Viking to provide equipment and engineering services to the rig construction.

Singapore’s Viking has recently created a new investment holding subsidiary, Viking Asset Management (VAM). VAM has entered into a conditional sale and purchase agreement to acquire a 30% stake worth $5.4m in Smart Earl Investment (SEI), which will build the rig.

SEI is an investment vehicle belonging to Chan. China Merchant Heavy Industries (CMHI), a state-owned Chinese yard, will build the drilling rig.

The rig will be resold or chartered to prospective Viking customers in the South East Asia region.

Image of  a CJ46-X100-D GustoMSC rig courtesy GustoMSG



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