Orion awards Honghua Group $320 million rig contract

Energy and Related Services

Orion Engineering and Management Limited (Orion) has contract awarded Chinese rig builder Honghua Offshore Oil & Gas Equipment (Jiangsu) CO.,Ltd. a deal to construct a semi-submersible drilling rig, with an option to construct three more.

The rig deal worth $320 million, excluding owner-furnished equipment.

The Sales and Purchase Agreement (the “Agreement”) is likely to be signed within 60 days. Meanwhile, Orion has the choice to purchase an additional 3 units of the same particulars from Honghua Offshore under the same conditions at six-month intervals.

Under the LOA, the rig and Option Units will be decked with Honghua Offshore’s in-house design and manufacture drilling package.Read complete story  at http://www.tendersontime.com/blog-detail/orion-awards-honghua-group-320-million-rig-contract-283.php