Malaysian Firm Sells Jack-Up Rig for $223 Million

Malaysian vessel owner Coastal Contracts Bhd has announced the sale of a jack-up drilling rig today via its subsidiary Thaumas Marine Pte Ltd, for approximately RM807million (USD $223 million).  The rig was sold to a "reputable oil company" according to Coastal. Mr Ng Chin Heng, the Executive Chairman of Coastal, commented on the sale: "Amid low oil prices, the offshore … [Read more...]

CIMC Raffles Delivers New Jack-Up to Coastal Contracts Bhd

Malaysian offshore and marine services provider Coastal Contracts Bhd received a new Friede & Goldman-designed JU2000E jack-up drilling rig this week from CIMC Raffles' Yantai yard. Named Coastal Driller 4001, this ABS-classed rig is 70.36 meters long, 76 meters wide and 9.45 meters high, with leg length of 167 meters, spud can diameter of 18 meters, designed draft of … [Read more...]