Viking Offshore & Marine Limited has secured a 50-month bareboat charter for a land rig system worth approximately $32 million.

Under the contract, SGX-listed Viking’s wholly owned subsidiary Viking Asset Management Pte Ltd (VAM) will acquire from and leaseback the newbuild 1,500 horsepower train-type land rig and related drilling equipment system to a Chinese land rig specialist from September 2014.

The Chinese rig builder, which specializes in the design, manufacture and assembly of land rigs, has secured a contract with a major South-Asian energy operator, which will deploy the rig in North-Africa. Drilling will commence immediately on oil exploration sites licensed to the joint venture of the South-Asian energy operator and the local energy authorities.

Tags: Viking Offshore & Marine Limited