CSG Semisub TBN 1 (China Sunrise Group Ltd (CSG)) (Semisub)

SBI Offshore contracted to procure semisub drilling package

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29 December 2014

SBI Offshore Limited (“SBI Offshore”) has announced that China Sunrise Group Co. Ltd. ("CSG") has appointed the company as the lead contractor responsible for procurement of drilling equipment systems (“DES”) of a CS70 semi-submersible offshore rig. Designed by Moss Maritime of Norway, the rig will be built in China. Guangzhou-based CSG, which will own the proposed rig, has entered into a memorandum of intent with the Company in relation to the exclusive appointment. Intended for deployment in the North Sea (Norsok Compliance) at up to 3,600 meters water depth, the dual drilling semi-submersible will be the largest of its kind to be built in China to date. CSG has short-listed three state-owned shipyards in China to construct the rig. Work is expected to commence in the first half of 2015 for completion in 42 months. SBI Offshore has signed technical agreements with two of the three short-listed yards and is expected to conclude a signed technical agreement with the third yard by mid-January 2015. Upon appointment by CSG, the successful shipyard is expected to enter into an engineering, procurement and commissioning (“EPC”) agreement by the first half of 2015 with respect to DES package

Source: http://infopub.sgx.com/FileOpen/SBI_Announcement_Appointment_as_Lead_Procurement_Contractor.ashx?App=Announcement&FileID=329708

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