Singapore-based SBI Offshore landed a $24 million contract Tuesday with a six member Middle East-Chinese consortium to design and engineer a jackup rig.

The names of the consortium’s members have not been released.

The contract was signed through SBI O&M, SBI’s wholly owned subsidiary.

SBI will provide design, engineering and supervision services for a jackup that will meet the requirements of the American Bureau of Shipping Classification’s A1 for self-elevating drilling units.

The jackup will be designed for operation in the Middle East or Asia and will be able to operate in water depths of up to 360 feet (110 meters).

Work on the rig is expected to start during the second half of the 2014 fiscal year.

Revenue from the deal will be booked during the 2014 and 2015 fiscal years.

“The design and engineering contract is significant as it underscores our ability to move up the value chain and secure higher-value projects in new markets,” Executive Chairman of SBI Offshore Chan Lai Thong said.


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