Sembcorp Marine subsidiary Jurong Shipyard has secured a $568m contract from North Atlantic Drilling to build an ultra-deepwater semi-submersible rig for deployment in the North Sea and Barents Sea.

The rig will be based on the Moss Maritime CS60 design, which is an upgrade of the Moss Maritime CS50E MKII harsh-environment ultra-deepwater semi-submersible rigs West Pegasus and West Leo, which were delivered to Seadrill in March 2011 and January 2012 respectively.

Jurong Shipyard senior general manager of offshore division Don Lee said: "With offshore drilling moving towards deeper waters and harsher environments, we are confident of leveraging on these emerging opportunities."

The rig will be built for a water depth of 10,000ft, with a maximum drilling depth of 40,000ft.

North Atlantic Drilling chairman and chief executive officer in North Atlantic Management Alf Thorkildsen added: "The combination of historical high oil prices and significant exploration successes for our customers in mature, as well as frontier areas, has increased the demand for quality high-specification rigs."

The rig is also engineered to carry out year-round drilling operations and is scheduled to be delivered by the first quarter of 2015.