Drydocks World to build world's largest jack-up rig

[DUBAI] Drydocks World, the Middle East's biggest shipyard, agreed to build a US$730 million "mega" oil rig for use in the North Sea as energy producers extend the search for reserves into harder-to-reach and more hostile areas.

Drydocks signed an accord with Drill One Capital to construct the Dubai Expo 2020 NS facility, which will be the world's largest jack-up rig, chairman Khamis Juma Buamim said on Monday. The apparatus, to be delivered in 2017, will show "DDW's capability to build world-first mega projects," Drydocks said.

Oil and gas producers are looking for specialised equipment to tap more from dwindling North Sea resources, while moving into deeper and more remote exploration blocks to counter output declines. Statoil, BP and ConocoPhillips are among companies operating in the waters between Britain and Norway.