China National Offshore Oil Corp. (CNOOC) awarded Shanghai Waigaoqiao Shipbuilding Co., a subsidiary of China State Shipbuilding Corp., a US$599 million contract to build the nation's first deepwater drilling rig.
The semisubmersible, which will be capable of drilling up to 12,000 metres in water depths of up to 3,000 metres, is expected to be complete by 2011. When completed, the rig can be deployed for operations in deepwater regions in the South China Sea, Southeast Asia, Gulf of Mexico and
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