SINGAPORE (Yosefardi) – SGX-listed YHM Group Ltd has secured a contract worth approximately US$183 million for three-year supply of a semi-submersible rig.
The rig will be used by a Southeast Asian based national oil company to support its oil and gas activities in the Andaman Sea, which is located in the border of Thailand and Myanmar.
YHM, however, provided no further detail of the client. The company said it is in the process of establishing a joint venture company to own the semi-submersible rig.
“The rig will be upgraded and refurbished and is expected to be deployed in the Andaman Sea between end 2013 and early 2014,” YHM said this morning.