June 4, 2013 Caspian Drilling Company (CDC) and Singaporean Keppel Offshore & Marine Ltd company (daughter company of Keppel FELS) have signed an agreement to build a new sixth generation semi-submersible drilling rig for operations in the Caspian Sea.

The contract for engineering works was signed between CDC and Caspian Rigbuilders B.V. The contract for construction of a semi-submersible floating drilling rig was signed between CDC and Caspian Shipyards Company Ltd.

The rig will be built to Keppel FELS’ proprietary DSSTM 38M design, which has been customized for the Caspian Sea’s harsh environment condition. It is designed to operate in 1,000m of water and drill to 12,192m, and is outfitted with an 800m self-contained eight point mooring system designed to meet high wind speeds in the open sea. The pontoons have been designed for the rig to transit in channels with shallow draft of less than seven meters. The residence module will be build on the drilling rig for 160 specialists.

Scheduled for delivery in 4Q 2016, the rig will cost over $1 billion including all tax and customs. The drilling rig will be used on Umid and Babak fields.

“Azerbaijan Rigs” LLC (previously “SOCAR Rig Assets” LLC) was established by State Oil Fund of the Republic of Azerbaijan (SOFAZ – 90%) and State Oil Company of the Azerbaijan Republic (SOCAR – 10%) to finance the subject project. Azerbaijan Rigs (AzRigs) is overseen by General Meeting of Shareholders represented by CEOs of shareholder companies, supervised by Board of Directors represented by one member from each shareholder company and managed by General Manager appointed by General Meeting of Shareholders.

Due to strategic importance of the project and state source of financing one of the objectives has been set for AzRigs by shareholders is to ensure cost-efficient financing of the project. In that respect, AzRigs has concluded EPC agreement with CDC where CDC acts as a main contractor.

Azerbaijan Rigs LLC

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