Semi-submersible Accommodation Rig Order for COSCO

COSCO Singapore Chinese subsidiary COSCO Qidong Offshore wins contract from Axis Offshore.

The contract valued over US$200-million from Axis Offshore, a joint venture between Danish shipowner, J. Lauritzen and Norwegian private equity fund, HitecVision, is to build a harsh environment semi-submersible accommodation vessel.

This rig will be built to Global Maritime’s design, GM500A and will provide accommodation for 500 persons. It will be equipped with a DP3 dynamic positioning system and is designed to operate in the harsh environment in the North Sea.

The rig is scheduled for delivery in Q1 2015. The parties intend that the contract will be made effective within 3 months from the date of signing.