By OGJ editors
HOUSTON, May 26 -- Cosco (Nantong) Shipyard Co. Ltd. secured a $356 million contract from KS Drilling Pte Ltd. to build two jack up drilling rigs based on the LeTourneau Workhorse Class design.
The rigs will be capable of drilling to 35,000 ft in 400 ft of water and accommodating 150 people.
Cosco noted that the rigs will feature offline stand building capability for handling drill pipe and have a 2 million lb hook-load capacity.
The shipyard plans to deliver the first rig in third-quarter 2013 and the second rig in first-quarter 2014.
Cosco (Nantong) is a subsidiary of Cosco Shipyard Group Co. that is 51% ownd by Cosco Corp. (Singapore) Ltd. KS Drilling is a subsidiary of KS Energy Ltd., formerly known as KS Energy Services Ltd.