Oil and gas engineering firm Lamprell said it had secured a 227 million dollar contract from an unnamed drilling contractor to build one of its popular jackup rigs.
The rig is designed to operate in water depths of up to 350 feet and will be able to drill to a depth of 30,000 feet.
The work will be performed at Lamprell's Hamriyah facility, in Sharjah in the United Arab Emirates and should be completed by the end of 2014, the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
"This [contract] further evidences the sustained demand for these rigs and the confidence in Lamprell's ability to deliver a quality product with a strong commitment to customer service," said chief executive Nigel McCue.
The news follows another deal Lamprell struck at the end of April that will see it build two further rigs for Abu Dhabi's National Drilling Company.
The company already has four of the jackup rigs under construction for the Middle Eastern company.
That contract will net Lamprell $166.65m, with delivery scheduled to be in the fourth quarter of 2014 and first quarter of 2015 respectively.
Nvidia becomes the fourth biggest company in the world - should you invest?
Chipmaker Nvidia is riding the AI wave, and has overtaken Alphabet and Amazon in terms of market capitalisation. Have new investors missed the boat, or will the share price soar higher?
By Ruth Emery Published
Savings market heats up as providers boost rates - should you switch now for a better return?
In a surprising twist, more and more banks are now hiking their savings rates. Is it a good time to move your money and grab a better rate?
By Vaishali Varu Published