Yangzijiang Shipbuilding (Holdings) said 78%-owned Jiangsu Yangzijiang Offshore Engineering Co. has clinched its debut offshore oil and gas order.
JYOEC has entered into a construction contract with Explorer I Limited, which is wholly-owned by Mena Offshore Investments and managed by Offshore Logistics (Asia Pacific) (OLAP), to construct and deliver one unit of Letourneau Super 116E Class design self-elevating Mobile Offshore Jackup Drilling Rig worth US$170 million ($207 million).
This contract includes an option to construct one additional identical unit.
There are still many permutations to this. Project Delivery to me is a competitive advantage especially for a complex project like this.
People may pay a premium for complex design and good project management.
But at times, cost becomes a factor. I say the turning point for KepCorp and Semb Marine is when these China and Korean ship builders develop the expertise in these two areas. Then the margins will start ......
