TSC?s high specification rig qualified for operations in RI
Saturday, February 6 2016 - 03:36 AM WIB
Hong Kong-listed TSC Group Holdings Limited (TSC) said that in January 2016, the company achieved several significant milestones in the progress of delivery of the Zentech R-550D rig.
The company said in a statement Wednesday that the rig is presently in the final stages of completion at the CSSC Huangpu Wenchong Shipbuilding Co Ltd shipyard located at Longxue in Guangzhou, China.
TSC said an initial deposit has been received from its customer Harmoni Drilling Services Ltd (HDS). This amount is received in accordance with the payment terms of the sales and purchase agreement between Alliance Offshore Drilling Pte Ltd (AOD), a wholly owned subsidiary of TSC, and HDS.
The sale to HDS replaces the sale to Hong Kong Petrolor Oilfield Services Co Limited (Petrolor) previously mentioned in the company?s announcement dated December6, 2013. The group has simultaneously rescinded the previously announced sale to Petrolor on a mutually agreeable basis.
HDS is 90 percent owned by PT Harmoni Drilling Services (PT HDS). The remaining 10 percent of HDS is held by AOD. PT HDS is an established drilling contractor in Indonesia with a successful track record of over 6 years of operating drilling jack-up rigs and floaters for international clients operating in Indonesia.
?With the assistance of PT Harmoni Drilling Services, the rig has recently been successfully qualified and approved by the Directorate General of Sea Transportation and the Indonesian Classification Society ? Biro Klasifikasi Indonesia,? TSC said in the statement. ?This paves the way for the rig to be qualified for future operations in Indonesia at a competitive day rate compared to non-Indonesian rigs.?
Through working with PT HDS, AOD is able to fulfill the mandatory local content factor required by the Indonesian Oil and Gas Authority ? Direktorat Jenderal Minyak and Gas Bumi, which is in line with the Indonesian government pillar initiative of supporting growth of indigenous companies. The successful cooperation resulting in TSC?s first high specification jack-up rig obtaining approvals by Indonesian government positions TSC to effectively tap a still active Indonesian market.
The high specification rig may bring about significant operational savings and reliable uptime to drilling contractors and Production Sharing Contract (PSC) operators given the rig?s superior technical fit for purpose features. In addition, the rig will bring about high level of technical skill sets transfer from AOD team to local skilled workforce in the long run.
TSC said the rig will on completion by the second quarter of this year be well-primed for securing oil and gas drilling contracts with PSC operators in Indonesia.
Editing by Reiner Simanjuntak