KS Tech converts 70s jackup to MODU
KS Tech Ltd. announced that Gulf Drilling International Ltd. (GDI) has appointed the company for the procurement and project management of the conversion of a late 70s jackup production unit to a mobile offshore drilling unit. For this work, the company will be paid a management fee. KS Tech will also provide components and services to support the upgrade and subsequent operations of this rig.
The size of the total project is estimated to be around $43 million. The conversion work will be completed by end of 2005. The rig will then be deployed in the Persian Gulf for a drilling campaign for a major operator. This rig conversion project is KS Tech's fourth such rig related projects in the last 15 months.
GDI is a 60:40 joint venture established in May 2004 by Qatar Petroleum and Japan Drilling Co. The Doha-based JV is acquiring used and newbuild rigs to meet the escalating demands for drilling rigs in the region.
03-03-05