Viking Jackup TBN 2 (Viking Offshore & Marine Ltd) (Jackup)

Viking Offshore & Marine invest in second newbuild jackup

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11 March 2014

Viking Offshore & Marine (Viking) is set to invest US$5.4 million to take a 30% stake in a newbuild jackup rig being constructed for Chan Kwan Bian (Mr Chan). Singapore based Viking, is looking to invest in the newbuild rig through its investment in Quick Booms Investmens Limited (QBI), a special purpose vehicle controlled by Mr Chan. The investment is similar to the investment made back in November 2013 by Viking and as such will be the second newbuild jackup that Viking has acquired a stake in. The jackup will be built to Gusto MSC’s CJ46-X100-D design and will be able to operate in water depths up to 375ft whilst drilling down to depths of 30,000ft.

Source: http://vikingom.listedcompany.com/newsroom/20140311_174939_557_FB92F2B5774C6D6248257C980035A154.1.pdf


More News for Operator: Viking Offshore & Marine Ltd

4 Nov 2013

Viking Offshore & Marine order newbuild jackup to mark entry into offshore rig market

Viking Offshore & Marine Ltd, a Singapore based offshore contractor has announced its intention to enter the offshore drilling rig market by placing an order for a newbuild jackup rig at China Merchant Heavy Industries (CMHI) shipyard in Shenzen, China. The newbuild order is for a Gusto MSC CJ46-X-100-D designed jackup rig, which is expected to cost a total of US$180 million to construct with delivery due in early 2016. Viking has teamed up with Chan Kwan Bian and Tan Boy Tee in order to bring some rig building knowledge to the project as the two individuals were previously the co-founders of Labroy Marine which they sold to Dubai Drydocks World in 2008. Viking plans to charter the unit to some of its existing clients in South East Asia upon delivery or alternatively could look to resell the unit.

11 Mar 2014

New Build Order for Jackup Rig

Viking Offshore & Marine Limited (“Viking” or “the Group”) announced today it would participate in the ownership of a second cantilever drilling jack-up rig, further strengthening its partnership with Singapore rig veteran, Mr Chan Kwan Bian (“Mr Chan”) as it accelerates its entry into mainstream offshore rig chartering. SGX Catalist-listed Viking said its wholly-owned Viking Asset Management Pte. Ltd. (“VAM”) will invest US$5.4 million to take a 30%-stake in Quick Booms Investments Limited (“QBI”), a special purpose vehicle controlled by Mr Chan which has a contract with a yard to build the CJ46-X100-D GustoMSC designed for use in water depth up to 375 feet and can accommodate 120 men during operation. The investment in QBI follows Viking’s announcement on 4 November 2013 of its first investment in Smart Earl Investments (“SEI”) which has a contract with a yard to build a rig – of similar price and specifications – in partnership with Mr Chan. Both the first and second rig is expected to be completed within the fourth quarter of 2015. A renowned industry veteran with extensive experience in offshore and marine, Mr Chan co-founded Labroy Marine Ltd (“Labroy”), a then-SGX listed offshore and marine specialist which was sold to Dubai Drydocks World LLC for S$2.4 billion in 2008. Viking’s offshore system solutions business also secured the rights to supply all its three main types of offshore-related products and services for the first rig, and is confident of securing similar rights for the second rig. Mr Daniel Lin, Executive Director of Viking and Chief Executive Officer of VAM, said: “Viking is moving rapidly to develop its new pillar of growth – mainstream offshore rig chartering. This second rig, being finalised four months after the first one, underscores the faith that Viking has in extending its partnership with an experienced offshore rig operator such as Mr Chan Kwan Bian.” “In securing rights for the supply of our core offshore products and services for the first rig, and the likelihood of securing the same for the second rig, we are accelerating the synergy of our core business divisions. Additionally, this will pave the way and open up potential for our products and services to be the standard for all CJ46 rig specifications,” he added.

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