News Detail

Consortium Shocks the Market

February, 2010

Momentum, together with consortium partners Yantai Raffles Offshore China and TSC Offshore China have been awarded a contract for the lease and management of one newbuild jackup by Dragon Oil (Turkmenistan). 

Momentum will be the main drilling contractor responsible for the daily operation, management, logistics and maintenance of the rig and base station. Yantai will carry out the rig construction, TSC will provide all the drilling and related equipment.

The unit is a Friede & Goldman-designed Super M2 jackup that can operate in water depths of up to 300ft and a drilling depth of 30,000ft in all weather conditions in accordance with ABS assessment criteria. It is due to be delivered and mobilized to location in fourth quarter 2011, it is understood the unit will be sent in modules from China to the Caspian Sea, where it will be assembled and undergo acceptance testing. The unit has been contracted by Dragon Oil for work in the Cheleken Contract Area offshore Turkmenistan, for five years plus up to two years of options.

Momentums Managing Director, James C. Larsen, said “we are extremely pleased to be awarded this opportunity and look forward to display our premier abilities to work and operate in the remote areas of the Caspian” 


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