Chinese Shipyard Inks Creon Jack-up Rig Order

Jiangsu Yangzijiang Offshore Engineering Co. Ltd. signs contract for the rig with Creon associate company Explorer 1.

The directors of Creon the resources infrastructure investment company, announce that Jiangsu Yangzijiang Offshore Engineering Co. Ltd. has entered into a contract valued at US$170-million with Explorer I Limited to construct and deliver a Le Tourneau Super 116E Class design self-elevating mobile offshore jack up drilling rig.

Delivery of the Rig is anticipated in the second quarter of 2015. It will be built to ABS Classifications and capable of drilling to 30,000 feet in sea depths of up to 350 feet. The rig will be fully equipped with state of the art drilling equipment and will have accommodation for 120 people.

Creon’s 46.45% owned joint venture with China’s third largest ship building group, Yangzijiang Shipbuilding (Holdings) has a 40% holding in Explorer 1 Limited, which is 100% owned by Mena Offshore Investments Limited and managed by Offshore Logistics (Asia Pacific) Pte Ltd.