Britain is to return to the world of semi-submersible rig building for the first time in two decades as prices soar and shipyards in South Korea run out of space. SeaDragon Offshore, a newly-formed company is to take over a former vessel construction facility on Teesside to build the first in a series of three drilling units worth up to $1.5b. As many as 600 jobs could be created at the Haverton Hill Shipyard by SeaDragon which plans to float on either the London or the Oslo stock exchange within 12 months. SeaDragon is backed by Lloyds TSB and has brought in some of the most credible names in the offshore world, including KCA Deutag, a part of the London-quoted Abbott Group, plus naval architects Moss Maritime.
