A Norway-based PetroProd D&P I, a wholly owned subsidiary of PetroProd Ltd, has signed an EPC contract with Jurong Shipyard Pte Ltd of Singapore on June 22, 2007 for the construction of one MSC/Gusto CJ70 jack up rig at a cost of approximately $440 million to be delivered in 2010.
Petroprod Ltd is a company specializing in mobile production and field development mainly for small and medium size oilfields. It is managed by Larsen Oil & Gas and the main shareholders are associated with Larsen. The company is presently trading over the counter at the Oslo OTC and intends to seek full listing at the Oslo Stock Exchange later this year.
The CJ70 is the world's largest jack up rig and is capable of drilling in water depths to 150 meters in harsh environment. The rig is well suited for simultaneous drilling and production and will be outfitted to meet rules and regulations for the Norwegian sector and can be applied world wide. The rig is classed with DNV and has a state of the art drilling package supplied by Sense EDM for efficient drilling to 45,000 feet.