Jack up drilling platforms delivered in Dalian

Two jack-up drilling platforms were delivered on Thursday at COSCO Dalian Shipyard in Dalian, Northeast China's Liaoning province.

Built for UK-based Foresight Group and named VIVEKANAND1 and VIVEKANAND2, the platforms will be moved to the west coast of India to serve Oil and Natural Gas Corporation (ONGC).

"We are all aware that the delivery of these rigs into the current market is a very special event as oil prices are low and so many oil exploration and drilling companies are struggling to survive," said Richard Sadler, CEO of Foresight Group.

Foresight and COSCO have proved they can ride the waves of the cycles, he said.

COSCO Dalian Shipyard Co Ltd is a leading shipbuilding and offshore engineering yard of COSCO Shipyard Group Co Ltd, which is a subsidiary of China COSCO SHIPPING Co Ltd.

"This is the first time that China has delivered two Super 116E platforms at the same time. It's especially precious under the current difficult market situation," said Liang Yanfeng, president of COSCO Shipyard Group and the board chairman of COSCO Dalian Shipyard.

Liang said the project benefits from the local government and national insurance and banking institutions, such as the China Export & Credit Insurance Corporation, the Industrial and Commercial Bank of China, and the China Development Bank Dalian Branch.

Tao Yi, vice-general manager of Sinosure Liaoning Branch, said the company is proactive in supporting leading Chinese offshore enterprises, assisting them to secure high-quality orders and to establish co-operation relationship with premium owners.

Since 2008, it has provided COSCO Dalian Shipyard with insurance cover for construction of nearly 240 projects, and financing support under export buyer's credit insurance to about 10 projects, he said.

"By undertaking credit risks during construction period and upon delivery, we help build a trust-cooperation system among shipyards, owners, and financial institutions," said Tao.