China Shipbuilding Industry Company Limited announced today that Shanhaiguan Shipbuilding Heavy Industry, a wholly-owned subsidiary of the company has inked a construction contract for two plus two CJ50-X120-D rigs with Singapore company FTS Derricks Pte Ltd.
The contract value is $872m, with each rig costing $218m. The two options are expected to be excised three months later, the company said in a statement.