Offshore staff

SINGAPORE -- Yantai Raffles Shipyard Ltd. is to build a Super M2 general service jackup for Remedial Cyprus Ltd. under a contract that includes owner-furnished equipment.

The Super M2 Friede & Goldman jackup is scheduled for delivery in mid-2008.

The new rig is a self-elevating unit designed for 99 m (325 ft) water depth in a benign operating environment. The unit will be equipped with three thrusters for maximum maneuverability and will have accommodation for 110.

The Singapore-based Yantai Raffles, which operates out of a shipyard on Zhifu island, Yantai, in China's Shandong province, says it is in discussions with Cyprus-incorporated Remedial for several more rigs.

Executive chairman Brian Chang says he expects Yantai Raffles to become a significant builder of jackup rigs by 2007. "This year has been an extremely positive year and we are optimistic about our future prospects."

Remedial Offshore also plans to build and operate purpose-built elevating support vessels to facilitate post drilling activities and to enable increased hydrocarbon production from the large number of existing oil and gas wells in water depths to 99 m (325 ft).

12/28/2006