Frigstad Offshore Group will exit from two seventh-generation ultra-deepwater newbuild rigs when subsidiary Frigstad Deepwater Holding Ltd. sells all its shares in Frigstad Deepwater Ltd. to a subsidiary of China International Maritime Containers Group (CIMC), effective Dec. 6.
The Frigstad Shekou unit and the Frigstad Kristiansand unit are scheduled for delivery in first-quarter 2017 and third-quarter 2017, respectively. They are under construction at Yantai CIMC Raffles shipyard in Shandong, China.
Frigstad Deepwater will become a wholly owned subsidiary of CIMC and be renamed CIMC Bluewhale Rig Ltd., according to a Dec. 6 press release.
A team from Frigstad Offshore, the current manager of the rigs, will continue supervising construction. Operational management of the rigs will be taken over by Bluewhale Offshore Pte Ltd., also a subsidiary of CIMC, and the rigs will be renamed Bluewhale I and Bluewhale II.
Harald Frigstad, chairman and founder of Frigstad Group, said that Frigstad Group is reorganizing, investing in R&D and launching next-generation ultra-deepwater semisubmersible rig designs in 2017.
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