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China,Hong Kong : China Rongsheng wins offshore rig contracts
Publish Date : 12-May-2012
China Rongsheng Heavy Industries Group Holdings Ltd, the largest shipbuilder listed in Hong Kong, has won offshore rig contracts, marking its entry into the rig-building sector, a source with direct knowledge of the deal said on Friday.
Barclays Research estimated the market value of the two rigs at US$300-400 million.
\"The contracts, from an overseas company, have been finalised and will be effective by the end of the month,\" the source told, declining to give other details.
Upstream Online, an industry newspaper, said earlier this month that China Rongsheng had secured orders from Singapore-based PrimePoint Oil & Gas to build a semi-submersible barge rig and a tender barge rig for delivery in 22 and 24 months, respectively.
