Norway’s Red Flag Signed a US$202M Deal to Build Rig

Norway’s Red Flag has signed a US$202 million deal with COSCO Corporation, Singapore, to build a semi-submersible rig hull in the North Sea which will have a dynamic positioning system, accomodation, a ballasting system and drilling equipment that can drill up to 1,500 metres.
It is expected to be delivered before the end of 2009.

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