Super 116e construction begins

August 29, 2013

Jiangsu Yangzijiang Offshore Engineering Co. Ltd. (YZJOE) is ready to “strike steel” on the construction of a US$170million Le Tourneau Super 116E, self-elevating jackup for drilling in 350ft water depths. The detailed engineering phase has been successfully completed and execution of the underlying project can now begin at its joint venture yard based in Taicang, China, outside Shanghai.

The “super enhanced” design rig is being built for Explorer 1 Ltd., which is 100% owned by Mena Offshore Investments Ltd. and managed by Offshore Logistics (Asia Pacific) Pte Ltd. The jackup is expected to be ready for commissioning within two years.

This development follows seven months of detailed technical engineering work, carried out by YZJOE in conjunction with Explorer 1.

London-based Creon Resources Plc made the announcement. Creon has a 18.6% stake in YZIOE through its joint venture with China's third-largest ship-building group, Yangzijiang Shipbuilding (Holdings) Pte Ltd (SP:YZJ).

“Self-elevating jackup rigs such as this, built to the most modern and stringent international engineering standards are in short supply and high demand, particularly with the oil majors. They also have the capability to deliver a valid ‘working life’ of up to 20 years.

“With ever more demanding technical and accommodation specifications, the rig has to be at least semi-automated and have the ability to meet today’s deeper drilling requirements, whilst of course at a highly competitive price,” saysGlen Lau, Creon’s CEO.

Creon noted that this joint venture with China’s largest, non-governmental shipyard has helped it diversify into the offshore marine oil and gas industry, which also encompasses the offshore wind farm market. The consortium is already in discussion with some prospects on how best to capitalize on this further market opportunity.

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