The United Kingdom is back in the offshore rig building business as SeaDragon Offshore will spend US $1.5 billion on three new deepwater semisubmersible rigs at the Tees Alliance Yard at Teeside. First, however, it must raise $850 million on the London Stock Exchange to finance the project, according to Ogilvie’s E&P Daily. Hulls will come from the Sevmarsh Shipyard in Russia. The company joined KCA Deutag and Moss Maritime architects to put the project together.