Contract Signing Ceremony with Le-Tourneau Technologies Inc.

Vung Tau City – Vietnam National Oil and Gas Group (Petro Vietnam) hosted the Contract Signing Ceremony for License Rig Kit and Technical Consultancy for the project “60 metre Water Depth Drilling Jackup Rig” between Petro Vietnam Marine Shipyard (PV Shipyard) and LeTourneau Technologies Inc (USA).

LeTourneau Technologies Inc. (LTI) – a Rowan whollyowned subsidiary – will provide the rig kit, license and certain technical consultancy assistance to PV Shipyard for the construction of a newbuild LeTourneau Super 116E jack-up rig with 377 feet of leg. The contract valued at approximately $40 million, provides key rig kit equipment designed and fabricated by LTI, including the leg components, elevating system, controls, spud can materials and cantilever skidding system.

Witnesses at the ceremony were Mr Dinh La Thang – Permanent member of the Secretariat of the Party Central Committee cum Chairman of Petro Vietnam, Mr Le Minh Hong – Vice President of PetroVietnam, all the head of memberships of PetroVietnam, PV Shipyard representatives and LeTourneau Technologies Inc.

“The proven experience and reputation in the service field of Le Tourneau Technologies Inc will constribute important part in bringing the project of new building of the first 60m drilling jack-up rig of Vietnam to succeed on time in 32 months. We strongly believe our certain quality human resources, latest technology and world standard facilities will make dream of conquering the depth sea come true” – said Mr. Phan Tu Giang the Managing Director of PV Shipyard. The First Cutting will be held soon, followed the contract signing.