EMS Energy clinches USD36m contract to build a derrick equipment set

Two more similar-sized deals underway.

According to OSK, EMS Energy has received a contract to build a derrick equipment set for a tender-assisted drilling rig for USD36m and expects to secure two more similar-sized deals over the next few months.

Here's more:

The first project would boost EMS's order book to about USD67.8m from USD18.4m. CEO of EMS, Mr Ting Teck Jin has said that " The first contract positions the group for bigger and higher-margins projects going forwards.

EMS intends to pursue several other similar opportunities at the moment as drilling activities are in great demand."

Growing demand for energy coupled with increasing investment in offshore exploration is expected to drive the global offshore drilling market to USD121.1bnby 2018 at a compounded annual rate of 10.6% over the next Five Years.