Published On: Sun, Jun 28th, 2009

COSCO builds $600 mln deepsea drilling rig for Norway

A shipyard under China’s state-run COSCO Group has built a $600 million ultra deepwater drilling rig for Norwegian oilfield services group Sevan Marine (SEVAN.OL), state media reported on Sunday.

The rig, Seven Driller, can sink wells 40,000 feet deep and store 150,000 barrels of crude oil.

The Norwegian firm, which has contracted the rig to Brazil’s Petrobras (PETR4.SA), said earlier this month that it had secured options to build six more drilling units at a Chinese shipyard.