SBI Wins Jack-up Design and Engineering Contract

Posted by Eric Haun
Tuesday, August 19, 2014

SBI Offshore Limited, which is pursuing higher-value oil and gas engineering projects, said today it has secured a $24 million contract to provide design and engineering services for a jack-up drilling rig that can operate in water depths of up to 110 meters.

SGX Catalist-listed SBI Offshore said its wholly owned subsidiary, SBI O&M Pte. Ltd., signed the contract with a Middle East-Chinese Consortium which comprises six parties that have varied interests in oil and gas activities.

Under the contract, SBI O&M will provide design, engineering and supervision services for a jack-up drilling rig that will meet requirements of the American Bureau of Shipping Classification A1 for Self- Elevating Drilling Unit. The jack-up drilling rig will be designed for operating in the Middle East or Asian regions.

Work is expected to commence during the second half of the financial year ending December 31, 2014, and the contract is expected to contribute positively to the group’s financial performance in FY2014 and FY2015.

The project is in line with the group’s strategy to offer value-added engineering solutions and drilling equipment for the oil and gas industry. In the past year or so, SBI Offshore has added senior engineers who are highly experienced in design, operations and management of drilling services.

Building on the latest contract for design and engineering, the company will pursue opportunities to offer related services and capabilities in the construction of onshore and offshore drilling rigs to the consortium and other international players in the sector.

In line with its strategy to pursue larger-scale offshore or land-based oil and gas projects as well as to provide integrated solutions for drilling equipment and systems, the group announced on July 2, 2014 that it would form a 70%-held joint venture with U.S.-based Axon Energy Products Inc.– a global oilfield equipment manufacturing company.

Chan Lai Thong, Executive Chairman of SBI Offshore, said, “The design and engineering contract is significant as it underscores our ability to move up the value chain and secure higher-value projects in new markets. We are confident that it will augur opportunities for drilling equipment and our own entry as a specialist player in large-scale mainstream oil and gas projects.”

sbioffshore.com
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Coast Guard Foundation to Honor USCG in Miami

The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Maritime Broadband Opens Office in Greece

Maritime Broadband has expanded its worldwide footprint by opening an office, Maritime Broadband Hellas, in Athens, Greece. The new office addresses the growing

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Contracts

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Salamander Energy Updates on SONA Transaction

Salamander Energy said it has submitted a draft shareholder circular to the Financial Conduct Authority in relation to previously stated plans to divest of an interest in the Greater Bualuang Area.

Offshore

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

Energy

PES to Begin Operating Benzene Terminal in November

Philadelphia Energy Solutions plans to start operating a new benzene offtake terminal next month at its 335,000-barrel-per-day refinery in Philadelphia, two people familiar with the plans said.

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Naval Architecture

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

Performance by Design: Hydrodynamics for High-Speed Vessels

The new book “Performance by Design: Hydrodynamics for High-Speed Vessels” will be introduced on October 30 at the Fort Lauderdale International Boat Show, Donald L.

NMRA Awards Scholarship to Yacht Design Students

The National Marine Representatives Association (NMRA) awarded two scholarships to students pursuing careers in the field. Noah Luff of Ventura, California is one

Offshore Energy

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1274 sec (8 req/sec)