Frigstad Offshore Group will exit from two seventh-generation ultra-deepwater newbuild rigs when subsidiary Frigstad Deepwater Holding Ltd. sells all its shares in Frigstad Deepwater Ltd. to a subsidiary of China International Maritime Containers Group (CIMC), effective Dec. 6.
The Frigstad Shekou unit and the Frigstad Kristiansand unit are scheduled for delivery in first-quarter 2017 and third-quarter 2017, respectively. They are under construction at Yantai CIMC Raffles shipyard in Shandong, China.
Frigstad Deepwater will become a wholly owned subsidiary of CIMC and be renamed CIMC Bluewhale Rig Ltd., according to a Dec. 6 press release.
A team from Frigstad Offshore, the current manager of the rigs, will continue supervising construction. Operational management of the rigs will be taken over by Bluewhale Offshore Pte Ltd., also a subsidiary of CIMC, and the rigs will be renamed Bluewhale I and Bluewhale II.
Harald Frigstad, chairman and founder of Frigstad Group, said that Frigstad Group is reorganizing, investing in R&D and launching next-generation ultra-deepwater semisubmersible rig designs in 2017.
Recommended Reading
Equinor Releases Overview of Share Buyback Program
2024-04-17 - Equinor said the maximum shares to be repurchased is 16.8 million, of which up to 7.4 million shares can be acquired until May 15 and up to 9.4 million shares until Jan. 15, 2025 — the program’s end date.
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
President: Financial Debt for Mexico's Pemex Totaled $106.8B End of 2023
2024-02-21 - President Andres Manuel Lopez Obrador revealed the debt data in a chart from a presentation on Pemex at a government press conference.
Green Swan Seeks US Financing for Global Decarbonization Projects
2024-02-21 - Green Swan, an investment platform seeking to provide capital to countries signed on to the Paris Agreement, is courting U.S. investors to fund decarbonization projects in countries including Iran and Venezuela, its executives told Hart Energy.
Shell’s CEO Sawan Says Confidence in US LNG is Slipping
2024-02-05 - Issues related to Venture Global LNG’s contract commitments and U.S. President Joe Biden’s recent decision to pause approvals of new U.S. liquefaction plants have raised questions about the reliability of the American LNG sector, according to Shell CEO Wael Sawan.