TSC wins 8th Jack-up rig package for CIMC Raffles

On the 31 July 2013, TSC Group Holdings Limited ("TSC Group") and Yantai CIMC Raffles Offshore Engineering Co. Ltd ("CIMC Raffles") entered into an agreement to provide a complete drilling rig package for their new Y13-1293 Jack-up rig. The contract value is approximately US$29.6 million, and will be the eighth of such packages that TSC has been contracted to provide for CIMC Raffles since 2008.
The previous two projects, with CIMC Raffles Hull numbers 211 and 212 have now entered into the final stages of completion. TSC and CIMC Raffles continues to make great strides towards achieving an effective cooperation to jointly meet the growing demand for Jack-up rigs. The Executive Chairman of the TSC Group, Mr Jiang Bing Hua, today said "We are grateful for the long term vision we share with CIMC Raffles, which resulted in good team effort, cooperation and hard work.  We are now able to position our companies to participate in the growing demand for Jack-up rigs where more than 80% of Jack-rigs now in operation are over 25 years old."
The provision of the mission critical drilling rig packages is part of the range of integrated solutions products offered by TSC.  This is one of the main drivers for TSC's revenue growth as equipment that is designed and manufactured by TSC continues to gain recognition for reliability and efficiency. TSC's products are also certified by the American Bureau of Shipping - Certified Drilling Standards (ABS-CDS) and other internationally recognized classification authorities and standards, which assures customers of high quality and reliability.
The combination of new discoveries of offshore oil and gas reserves and the aging and depreciation of existing Jack up rig fleets will result in a strong growth in demand for drilling rig packages and rig solutions.  By 2015, it is estimated that more than 117 Jack-up will have been in service for over 35 years, all of which will be in need of either upgrading or replacement. TSC now has a proven track record and reputation as a manufacturer of world class equipment to benefit from this unique trend in the industry.
Source: TSC Group