Russian shipyard Krasnye Barrikady has secured a contract from Iran worth nearly US$1bn to build five offshore drilling rigs for use on Iran's part of the Gulf shelf. Financing for the contract will come from the two countries.

Krasnye Barrikady, which translates as Red Barricades, has been negotiating the contract for the best part of two years. It is also negotiating with NITC over a series of tanker orders.

Established in 1886 as a ship repair yard, Red Barricades has since become a specialist in tankers and offshore.