China International Maritime Containers Group acquires Frigstad Deepwater shares

Photo: Frigstad Engineering AS.

LIMASSOL, Cyprus -- Frigstad Deepwater Holding Ltd, a subsidiary of Frigstad Offshore Group, has decided to sell all of its shares in Frigstad Deepwater Ltd to a subsidiary of China International Maritime Containers Group (CIMC) with effect from Dec. 6, 2016. Frigstad Deepwater Ltd, which has been jointly owned by Frigstad Offshore Group and CIMC since 2012, has two 7th generation ultra-deepwater drilling units of the Frigstad D90 design under construction at the Yantai CIMC Raffles shipyard in Shandong, China. The units, “Frigstad Shekou” and “Frigstad Kristiansand”, are scheduled for delivery in first-quarter 2017 and third-quarter 2017, respectively.

As a consequence of the above, Frigstad Deepwater Ltd will become a wholly owned subsidiary of CIMC and be renamed “CIMC Bluewhale Rig Ltd”. The 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”. A team from Frigstad Offshore, the current manager of the rigs, will continue to supervise the construction of the two rigs until completion.

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