South Korea's Hyundai Heavy Industries (HHI) unveiled the winning of a $700m order to build a semi-submersible drilling rig for Fred Olsen Energy.
The rig will be built at HHI's Gunsan Shipyard for delivery in March 2015.
The contract includes an option to build an additional similar class drilling rig.
The rig will be equipped with a 1,650-tonne goliath crane and the world's largest 1.3m dwt dry dock. The unit has an operating depth range of 70-3,000 metres will be able to drill to depths of 12,200 metres.