ASHKABAD, Turkmenistan -- Dragon Oil has contracted Yantai Raffles Offshore for lease and management of a newbuild Super M2 jackup. The rig will be used on Dragon’s fields in the Cheleken Contract Area of the Turkmen sector of the Caspian Sea.
Subject to signing of a formal contract in the next 60 days, the rig will be constructed as a self-elevating drilling unit in compliance with international marine construction standards. It should be mobilized to the Cheleken Contract Area late-2011.
The lease and management contract will then take effect, initially for five years, with an optional extension of a further two years.
Dragon’s CEO Dr Abdul Jaleel Al Khalifa says: “This contract gives us an excellent opportunity to secure the rig we want and for a longer period than would otherwise be possible in the open market. In 2009, we achieved significant progress with securing rigs for the development of the Cheleken Contract Area and today's announcement underscores our commitment to work in the same direction."