Cosco bags $356m rig building contract

Cosco Corporation (Singapore)'s subsidiary on Thursday secured a $356m contract from KS Drilling to build two units of jack-up rigs. Cosco (Nantong) Shipyard will delivery the first rig in the third-quarter of 2013 and the second rig in the first-quarter of 2014. The rigs will be capable of drilling depths of up to 10,700 metres and operating in 122 metres water depth. It will feature an offline stand building capacity to handle drill pipes and equip with a capacity hook-load of 2m pounds.