SBI in talks for rig orders from Mid-East

CATALIST-LISTED SBI Offshore is in talks with a Middle Eastern-Chinese consortium to build five jack-up drilling rigs.

SBI revealed on Wednesday that this consortium is the same one for which its subsidiary had won a contract to provide design and engineering services for a jack-up drilling rig recently.

It had started negotiations with the consortium about a week after securing from the consortium the US$24 million contract to design a rig that will meet American Bureau of Shipping Classification requirements.