TTS invests $5m in a drillship

TTS Group ASA has invested $5m (approx. NOK 38m) in Sigma Drilling AS in connection with Sigma placing an order for a drillship with STX Offshore & Shipbuilding Co. Ltd in Korea, the Group press release said.

The Skeie group, who controls approx. 30% of the shares of TTS Group ASA, has invested in Sigma separately.

TTS will deliver the offshore cranes to the drillship and Cameron International Corp. will deliver the drilling equipment. TTS has, as part of the sale of its drilling equipment unit earlier this year, an earn-out agreement with Cameron based on revenue of drilling equipment to early June 2015.