PPL Shipyard, a subsidiary of Sembcorp Marine, has secured a $213m contract to build a jack-up drilling rig for Safin Gulf.
PPL Shipyard will build the Pacific class 400 jack-up drilling rig that is capable of operating in water depths of 400ft and drilling depths of 35,000ft.
The rig, equipped with technologically advanced drilling equipment, is suitable for operations in most of the world's most challenging regions, Sembcorp said.
The rig offers single room and double-room accommodation for 150 personnel with full hostelry services.
PPL Shipyard deputy chairman Benety Chang said with the rig due for delivery in November 2012, Safin Gulf is expected to be successful in securing a charter contract for the rig.
"We are pleased that Safin Gulf has chosen PPL Shipyard's Pacific Class 400 design for their new rig fleet as part of their strategic expansion into the offshore business," said Chang.
"The confidence in this design and its capabilities could lead to more of such orders for proprietary design just as it did with Pacific Class 375 design."
Safin Gulf executive vice president Raimonds Namikis said the firm is undergoing development with strategic focus in exploring and investing in new markets and opportunities.
"Having strong ambitions within our group and rapid expansion policy in our road-map, we are confident that Safin Gulf would be able to expand its offshore fleet and presence in the Middle East," said Namikis.
Safin Gulf is part of the privately owned Austria-based Safin, a group that is involved steel trading, distribution, coal, oil trading and mining.