Orion Semisub TBN 1 (Songa Opus Offshore Drilling Pte. Ltd.) (Semisub)

Honghua set to construct a semisub for Orion Engineering

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17 August 2014

A leading global land drilling rig manufacturer – Honghua Group Ltd. (Honghua), is pleased to announce that Honghua Offshore Oil & Gas Equipment (Jiangsu) Co,Ltd. (Honghua Offshore), an indirect wholly-owned subsidiary of Honghua, entered into a legally binding Letter of Award (LOA) on 16th August with Orion Engineering and Management Limited (Orion), for the construction of one European-designed semi-submersible drilling rig. It is subsequent to the shipbuilding agreement worth over USD200 million on 14th August, with UDIN Engineering Co., Ltd., a Korean offshore engineering company. According to the terms and provisions of the LOA, Orion plans to purchase the rig for a total consideration of approximately USD320 million (excluding owner-furnished equipment), representing 24.5% of the Company’s total revenue as of 31st December 2013. According to the LOA, the Sales and Purchase Agreement is expected to be executed within 60 days. At the same time, Orion has the option to purchase an additional three rig units with the same specification from Honghua Offshore under the same conditions each respectively at an interval of six-months. The rig and option Units under the LOA will be equipped with Honghua’s in-house design and manufacture drilling package. Meanwhile, Orion will contract a subsidiary of Opus Offshore Ltd. (Opus Offshore) to supervise the construction of the rig according to the latest regulations and highest quality standards in place within the international offshore exploration and production sector. No details about the design of the unit were released.

Source: http://www.hh-gltd.com/en/news/news_view.asp?newsid=2060

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