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Drydocks World to Build Largest Ever North Sea Rig in $730 Million Deal

On Monday, Drydocks World, the state-owned Dubain shipbuilding and offshore engineer experts, announced that it had received a commission worth $730 million to build the largest ever rig to be destined for the North Sea.

Khamis Juma Buamim, the chairman of Drydocks World, said that the order, which has been submitted by the company Drill One Capital, backed by GustoMSC and Petrolia, was included in a package that consisted of various contracts worth a total $1.4 billion.

Buamim explained that the new rig will be the largest ever self-elevating structure and will be the first design known as the CJ-80. It will be specially designed to operate in the harsh environment of the North Sea, and will be the largest rig ever to be used in the area, set for completion in 2017.

This bundle of contracts will help Drydocks World balance their finances. In 2012 they had to agree to a $2.2 billion restructuring plan after taking on too much debt in an attempt to expand into southeast Asia. Buamim claims that they are on target to meet all repayments this year in accordance with the plan, and this new commission will help them.

Related article: Don't Count U.K. out of Global Energy Race Yet

Another Dubai state-owned company, Nakheel, also had to undergo restructuring but has promised to complete its repayments ahead of schedule, but Buamim explained that Drydocks will not be making any such promise.

 “We have a five-year plan and according to this plan and these dates, we are complying with that fully. Our business, Nakheel's business and other businesses are all different and we work based on our business portfolio.”

In order to boost income in the future Drydocks is eyeing the oil and gas, and renewables sectors in Europe, as well as some other regions closer to home such as domestic contracts and increased business from Iran; depending on the sanctions being lifted later in the year.

“Our business with Iran never closed totally but we are looking forward to seeing positive things turn out of the political situation. It has a lot of potential and we hope to be their first choice.”

By. Joao Peixe of Oilprice.com



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