NORWEP Annual Offshore Oil & Gas Market Report 2017

5. NORWEP Markets – in Asia

5.18.1 Shipyards in – Market Introduction During the past few years, the Chinese yards have also been successful in capturing Aided by government support and low labor cost, the Chinese industry has an increasing share of the market for offshore oil and gas production facilities. seen significant growth over the past years. From around year 2000, yards were Examples include the Western Isles FPSO for Dana awarded to COSCO and several modernized and operations moved towards more sophisticated ship design and FPSOs for Petrobras awarded to COSCO and COOEC. In May 2017, COSCO was construction work. The yards shifted focus from building lower-end, less complex also awarded an FSRU contract by an unnamed European customer. Historically, vessels such as and container ships and started to compete for the more however, the Chinese yards have had a smaller share of the market for production sophisticated and technically challenging projects traditionally built by yards in South facilities compared to their share in the jack-up market. In the past, Chinese yards Korea and Singapore. The Chinese yards have been able to outperform Singaporean have had less capacity in the complex, higher value-add segments including both and South Korean yards in terms of price, and in 2010, China’s volume platforms and vessels such as FPSOs, FLNGs, VLCCs and VLGCs. In order to reached 66 DWT. This represented 40% of the global ship market. continue on the path for larger market share in the future, the Chinese government has in the 13th Five-Year-Plan (2016-2020) set forward strategies to restructure and Chinese yards started capturing market shares on jack-up and semi-submersible upgrade the industry to accelerate the development of more high-end vessels. The drilling rigs from around 2005. In 2009, China passed Singapore, which has plans aim to secure 35% to 40% of the high-end vessel and offshore market towards traditionally been the dominant producer of jack-ups, and in 2011, it passed South 2020. Korea on semi-submersibles. As of June 2017, Chinese yards account for around 70% of jack-ups and 30% of all floaters currently under construction in Asia. In order to increase market share, several Chinese companies are looking to bring products and offer solutions to Brazil. As several Brazilian yards currently experience Yards in China have been hit hard by the market downturn, with declining demand for issues, Chinese yards such as COOEC and Dalian Cosco are taking over several new carriers, vessels and rigs. As orders have dried up, the industry has undergone construction sites. In addition, several Chinese jack-ups have been delivered to Iran, drastic consolidation where smaller yards have been phased out. According to China and the country has communicated that it is interested in ordering additional units. Ship Industry Economy and Market Research Center, there were 130 active shipyards at the end of 2016, representing a decrease of 14% from 151 yards in 2012. With As part of the government’s strategy to consolidate the Chinese offshore construction reduced rig demand, many rigs currently under construction, and limited scrapping of industry, seven fabrication yards were in 2014 officially qualified as being capable of older drilling units, Chinese yards have seen zero new orders of jack-ups and building offshore production and drilling facilities. Although no particular qualification is semisubmersible rigs over the past two years. In addition, several rigs are being needed in order to tender or be awarded contracts, the goal is to create a competitive cancelled at the yards, and several rig owners are negotiating to postpone final edge by claiming to be “government qualified” in bidding rounds and thus reduce the delivery until the market improves. risk for new entrants and eliminate overcapacity. The seven qualified yards are CIMC Raffles, Zhenhua Heavy Industry (ZPMC), Cosco Qidong and Nantong Around 40 rigs are scheduled for delivery in 2017, with most of these being postponed Shipyards, Shanghai Waigaoqiao Shipbuilding (SWS), China Merchants Heavy deliveries. Seadrill currently has eight jack-up drilling rigs under construction at Dalian Industry (CMHI) and Dalian Shipbuilding Industry Offshore Company (DSIC Offshore). Shipbuilding Industry Company (DSIC), but refuses to take delivery of the newbuilds The government has also issued a similar list for conventional shipyards. without having contracts in place first. Delivery of these eight rigs has therefore been postponed from 2015 to 2017/2018. Other rig owners that have deferred deliveries at 5.18.2 Major Shipyards in China Chinese yards include Bluewhale Offshore, Northern Offshore, North Sea Rigs, Three types of firms make up China’s shipbuilding industry: 1) Large state-owned Paragon Offshore and KS Drilling. In China alone, more than 70 jack-ups, most of enterprises; 2) Small private shipbuilding enterprises; and 3) Joint ventures of foreign which were ordered on a speculative basis, are stacked along the coast waiting for and domestic companies. The two major conglomerates that dominate China’s contracts. shipbuilding industry are China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC). Both are supervised by the state council.

Source: Rystad Energy research and analysis

1 NORWEP Annual Offshore Oil & Gas Market Report 2017

5. NORWEP Markets – Shipyards in Asia

China State Shipbuilding Corporation (CSSC) The Shipyard International, also known as CSSC Offshore and Marine Established in 1999, China State Shipbuilding Corporation (CSSC) is directly Engineering Company (COMEC), is the only CSSC company listed in Hong Kong. In administrated by the central government. Through a total of 60 wholly owned 2016, the company delivered 55 out of 539 ships worldwide, while 52 new orders subsidiaries, the company has shipbuilding and ship repairing yards, research and were secured. Shipbuilding made up most of the company’s revenues with a share of design institutes, marine-related equipment manufacturers and trading firms. The 81%. Offshore engineering accounted for 11%. As several other Chinese yards, the main business of CSSC is shipbuilding, covering both naval (for the Chinese navy) company has experienced falling revenues over the past years, and from 2015 to and civil industry products. The company owns 10 yards in total, including Shanghai 2016, offshore engineering revenue declined by 54%. On the other hand, the Waigaoqiao Shipbuilding (SWS), Shanghai Hudong-Zhonghua Shipyard, Shanghai company has been able to increase profit from shipbuilding due to a higher share of Shipyard, Shanghai Jiangnan Changxing Heavy Industry (SCH), Shanghai Jiangnan higher value-add vessels and increased focus on ship maintenance. Changxing Shipbuilding, , Guangzhou Shipyard International, Guangzhou Huangpu, Guanzhou Wenchong Shipyard, Xijiang Shipbuilding and China Shipbuilding Industry Corporation (CSIC) Guijiang Shipbuilding. Some of CSSC’s largest yards are described in further detail With a workforce of around 150,000, China Shipbuilding Industry Corporation (CSIC) below. is the second largest shipbuilding conglomerate in China. The state-owned enterprise group was established in 1999, built up of companies from the former CSSC. Today, SWS, founded in 1999, is publicly listed and became the first Chinese yard with the company has 46 industrial subsidiaries and 28 R&D institutions. CSIC handles annual delivery of over 8 million DWT in 2011. The yard mainly focuses on the design, shipbuilding in the north and west of China, and the marine division covers both naval construction and repair of marine vessels and offshore products. In 2017, the yard and merchant ships, and equipment manufacturing. CSIC currently owns seven delivered its 400th merchant vessel and currently has 6 jack-up rigs under shipyards including the Dalian Shipbuilding Industry Company (DSIC), Bohai construction. Blue Ocean (owned by China’s Shandong Offshore Equipment Ltd) is Shipbuilding Heavy Industry, Wuchang Shipbuilding Industry, Shanhaiguan building four units (Energy Emerger, Energy Embracer, Energy Enticer and Energy Shipbuilding Industry, Qingdao Beihai Shipbuilding Heavy Industry, Edge) scheduled for delivery in the period 2017 to 2018. Paragon Drilling has three Chuandong Shipbuilding Heavy Industry and Tianjin Xingang Shipbuilding Heavy harsh environment drilling jack-ups under construction (Prospector 6, 7 and 8), all of Industry. which were originally scheduled for delivery in the period 2014-2016. The units are now planned to be delivered in 2017-2018. In 2008, SWS also delivered Dalian Shipbuilding Industry Offshore Company (DSIC Offshore) is the offshore part ConocoPhillips’ Hai Yang Shi You 117, the largest FPSO hull project in China at the of CSIC and is the largest shipyard in China. The yard is also considered the leading time. jack-up yard in the country with a track record of over 30 jack-up rigs since 1980. DSIC has communicated that it aims to transform itself into a yard capable of building Shanghai Shipyard is one of CSSC’s top shipbuilding and repair bases. The yard other products such as mid-water semi-submersible drilling rigs, and in October 2013 currently has three drillships under construction, Tiger 2, Tiger 3 and Tiger 4, that it was awarded a contract by COSL for constructing the 6th generation deepwater have been delayed by Opus Offshore. Opus is understood to have paid 15% of the semi-submersible rig HYSY 982 to be delivered in 2017. contract value for the four Tiger units. The three rigs are expected to be delivered to the company during 2017 and 2018. Seadrill currently has eight jack-ups under construction at the DSIC, but due to the current oversupply in the rig market, the company refuses to take delivery of the Located in province in southern China, the Guangzhou Huangpu newbuilds without having contracts in place. The eight rigs were originally planned Shipyard is CSSC’s main fabrication base for navy vessels. The yard also specializes delivered in February 2015 and September 2015, but are now scheduled for delivery in building multi-purpose offshore support vessels. Currently, Alliance Offshore Drilling in 2017 and 2018. Paragon Offshore has also delayed three of its Prospector rigs at has three jack-ups under construction there (Alliance Driller 2-4). The Alliance Driller 2 DSIC now scheduled for 2017 and 2018. was ordered in 2014 after the delivery of Alliance Driller 1, while the remaining two were ordered May 2015. The three rigs are delayed by one to two years and are now scheduled for delivery in 2017/2018.

Source: Rystad Energy research and analysis 2 NORWEP Annual Offshore Oil & Gas Market Report 2017

5. NORWEP Markets – Shipyards in Asia

In 2016, CSIC announced that it aims to reduce the number of shipbuilding and In 2017, CIMC also expanded its product offering by completing the design of China’s offshore facilities by merging its ship yards. The merger between Dalian Shipbuilding first solution for floating power station and LNG-FSRU. The design has been Industry Company and Shanhaiguan Shipbuilding industry in the North is reported to approved by the international classification society. be complete, while the merger between Qingdao Beihai Shipbuilding Industry and Qingdao Wuchuan Heavy Industry is under way. In 2016, CSIC returned to profit and China Offshore Oil Engineering Corporation (COOEC) maintained its positive result in the first quarter of 2017, mainly due to increased China Offshore Oil Engineering Corporation (COOEC) is a subsidiary of China revenues from marine equipment and defense. National Offshore Oil Corporation (CNOOC). It is one of the largest EPCI contractors in Asia. The company is mainly module and jacket-focused, and has fabrication yards CIMC Raffles at Tanggu, Qingdao (also known as Quindío) and Zhuhai. The Qingdao yard, which CIMC Raffles Offshore is an integrated offshore rig, platform and vessel builder, has been approved by several majors including Shell, Total and Chevron, is the capable of engineering, construction and commissioning of projects. Established in largest and has facilities designed for building offshore oil and gas facilities. The 1994 as Yantai Raffles, the company got its current name after China’s top container Zhuhai yard is a joint venture with the US-based Fluor Corporation, and approval from builder, CIMC, acquired a 55% stake in 2009. In 2013, CIMC acquired all outstanding Majors is reportedly on the way. shares. The company has three shipyards located in Yantai, Haiyang and Longkou in the Shandong Province, where the Yantai yard is the most capable in terms of Historically, most of COOEC’s activity has been in the Chinese oil and gas market, offshore construction. Furthermore, CIMC has 4 Offshore and Marine Research & along with CNOOC’s exploration and development activity. However, the yard has Development centers, in addition to 3 operating companies including the rig operator also been active in tendering for international projects in recent years. In May 2015, Bluewhale Offshore. The total workforce is 12,000 people. COOEC secured a contract from Petrobras to perform module fabrication and integration of the two FPSOs P-67 and P-70. Delivery of P-67 is scheduled for mid- CIMC Raffles has the largest semi-submersibles construction base in China. Since 2017, while it is understood that P-70 will be delivered in the second half of 2018. P- 2010, eight semi-submersibles have been constructed, accounting for more than 40% 67 is going to be installed at the Lula Norte field with expected start-up in 2018, while of the contracts awarded to Chinese companies. It has also delivered harsh- P-70 will be installed at Atapu with start-up in 2019. Moreover, the company has been environment semi-submersible rigs such as COSLProspector for operations in the involved in the development of Australia's Gorgon and Ichthys, Russia’s Yamal and North Sea. Even though the yard specializes in semi-submersibles, it also has a track Myanmar’s Zawtika. In 2016, the company also won Qatar NFA EPCI and work for record of seven jack-up drilling rigs. The yard currently has six jack-ups and four the Nigeria Dangote project. In total, during 2016, COOEC completed engineering semi-submersibles under construction, scheduled to be delivered in 2018. work for 21 field development projects globally, 5 modular construction projects, and commenced 9 new projects. It also completed construction of 2 jackets and 6 In 2017, two rigs have been delivered from the yard. First, CIMC Raffles completed modules in addition to offshore installation and pipelaying work. the Bluewhale 1 rig, wholly owned by Bluewhale Offshore after Frigstad Deepwater shareholders sold their shares to CIMC. The rig is mobilized by China Petroleum Cosco Shipyard Group Offshore Engineering to drill in the South China Sea’s Pearl River Mouth basin. Founded in 2001, the Cosco Shipyard Group operates six shipyards located in Dalian, Second, CIMC Raffles completed a shallow-water jack-up drilling and production Nantong, Zhoushan, Guangdong, Shanghai and Qidong, with five of these yards platform for early operations in Bohai Bay off northern China for CNOOC. In addition dedicated to offshore-related projects. The Nantong and Qidong yards (Jiangsu to the two delivered rigs, at least three rigs have been completed but not delivered. province) cover newbuilds of cylindrical drilling units and FPSOs, semi-submersible Central Shipping Monaco (CSDM) has terminated two F&G JU2000E jack-ups rigs, accommodation units, jack-up rigs, shuttle tankers, tender barges and other (Cerebus and Phoenix). CSM has reportedly only paid some 10% of the USD 240 vessels. The Dalian and Zhoushan yards focus on offshore and merchant vessel million price per rig. In a similar manner, Malaysian company Coastal Contracts is projects. The facilities in Guangdong are built for fabrication of offshore supply understood to have terminated the deal with CIMC to build a second JU2000E rig. vessels and tender barges, but have also recently constructed three drilling rigs for Energy Drilling.

Source: Rystad Energy research and analysis

3 NORWEP Annual Offshore Oil & Gas Market Report 2017

5. NORWEP Markets – Shipyards in Asia

Shanghai has no track record of offshore projects and has mainly focused on China Merchants Heavy Industry (CMHI) conversion and newbuild projects of oil tankers, LPG carriers, chemical tankers and Established in 2000, China Merchants Heavy Industry (CMHI) is a subsidiary of China offshore support vessels. Merchants Industry Holdings (CMIH). CMHI owns two yards: Shenzhen and Haimen. Shenzhen was completed on Mazhou Island in 2008, where a new headquarter also Cosco is known for its capabilities to convert FPSOs. The company has delivered a was established. In 2013, CMHI expanded its business by acquiring the Haimen yard total of 11 FPSO conversions, including the conversion of the FPSO for operations on from Xinhai Heavy Industry. the Tartaruga Verde and Tartaruga Mestica fields off Brazil. The P-75 and P-77 units are currently under construction at the yard, and are planned installed on the Buzious CMHI specializes in jack-up construction. As several other Chinese yards, CMHI is field in 2019/2020. These were awarded to Cosco (Dalian yard) as a consequence of also experiencing cancellations, the most recent being for Mermaid Maritime’s two Brazilian yards having run into difficulties over the last years causing delays and cost rigs in January 2017. CMHI is reported to have approached several offshore drilling overruns. Cosco also delivered the Western Isles cylindrical FPSO early 2017. It is companies in Norway and the US regarding acquisition of jack-ups. CMHI is under- also understood that TechnipFMC and Cosco have teamed up in the race for the stood to be interested in selling six jack-up rigs that were originally ordered by EPCI contract for the Penguins cylindrical FPSO on the UKCS. Bestford on a speculative basis in 2013. In March 2017, the company secured a contract with Talent Offshore to build two jack-up platforms with options for two more Similar to many other yards in China, Cosco reports a limited amount of new orders, units. This contract comes in addition to the deal to build four semi-submersible and struggles with reduced revenues. Due to the challenging market conditions, many tender assist drilling rigs, with an option for two more units, for the Singapore-based customers have stalled the delivery of constructed units. One example is the rig owner Upstream Drilling. The contract value equals USD 300 million per unit. agreement reached with Seadrill regarding delayed delivery of the ultra-deepwater cylindrical drilling rig Sevan Developer from Cosco Qidong. In 2017, Northern In order to cope with the challenging offshore market, CMHI is also reportedly in talks Offshore further postponed the delivery of two jack-ups at Dalian. This postponement with TechnipFMC on forming a joint venture to focus on EPCI work for offshore came in addition to the cancellation of two accommodation units by Teekay in 2016, modules. Under this JV, CMHI would convert part of the facilities at the Haimen yard and uncertainty with respect to the delivery of two delayed floatels ordered by into what could be the world’s largest module fabrication base. Prosafe. Another newbuild, Safe Eurus, is also stacked at the yard. Cosco has communicated that it plans to shift focus from rig construction to offshore production In April 2017, CMHI’s owner acquired a 25% stake in CIMC. It has been speculated facilities in the coming years. that this could potentially result in a merger of the two companies with the aim of strengthening the position in the market. Currently there are six drilling rigs under construction at the Cosco yards: Four jack- ups at Dalian, and one jack-up and one semisubmersible at Nantong. In 2017, Cosco Shanghai Zhenhua Heavy Industry (ZPMC) (Qidong) also secured a contract to build an FSRU module for an unnamed European Shanghai Zhenhua Heavy Industry (ZPMC) was established in 1992, and is the company. subsidiary of China Communications Construction Company. ZPMC originally specialized in the fabrication of port facilities such as cranes. In recent years, ZPMC diversified into rig construction and other offshore projects such as pipelay vessels. ZPMC has eight production bases located in Shanghai, Nantong and Jiangyin.

Source: Rystad Energy research and analysis

4 NORWEP Annual Offshore Oil & Gas Market Report 2017

5. NORWEP Markets – Shipyards in Asia

The company secured a total of three rig contracts (five rigs) in 2014 with SK Drilling, 7,000 Drilling Systems and Equipment Lovanda Offshore and KS Energy. The contracts included JU2000E design jack-up 6,000 Systems, Equipment, Piping and Valves rigs able to operate in water depths of up to 400 feet. SK drilling has cancelled its two Engineering jack-up units, but the remaining rigs (in addition to one unit ordered in 2012) are still 5,000 believed to be under construction and scheduled for delivery in 2017/2018. Since 2000, ZPMC has constructed six jack-up rigs. 4,000

In January 2014, ZPMC was awarded the EPC contract for the deepwater derrick lay millionUSD 3,000 vessel Petrofac JSD 6000, scheduled for delivery in 2017. In October 2015, the 2,000 contract was cancelled, and the case is currently in arbitration in the UK. 1,000 5.18.3 China Shipyard Market Forecast China is already a significant player in the rig market, and supported by government 0 subsidies and low labor costs, the Chinese yards have been able to compete with, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 and in many cases outperform, yards in South Korea and Singapore in terms of price. Figure 193: Market for Offshore Rig Construction by Definition – Shipyards in During the newbuild order boom from 2012 to 2014, the Chinese yards were therefore China able to increase their market share in several segments. Table 182: Market for Offshore Rig Construction by Definition – Shipyards in For this report, the market for offshore rig construction in China has been defined as China the market addressable for Norwegian suppliers at the country’s yards. The rig USD million 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 markets considered addressable are the segments Drilling systems and Equipment, Engineering 198 205 428 481 434 326 228 104 5 18 39 Engineering and System, Equipment, Piping and Valves. Systems, Equipment, Piping and Valves 746 779 1 639 1 839 1 660 1 248 871 400 18 66 142 Drilling Systems and Equipment 445 462 964 1 083 976 734 513 235 10 41 88 Total 1 388 1 447 3 031 3 404 3 070 2 308 1 613 740 33 126 269 Jack-up and semi-submersible rigs have played an important role for the offshore construction market in China. From a level of around USD 1.5 billion in 2011 and 5.18.4 Offshore Field Development Projects at Chinese Yards 2012, the market more than doubled towards 2014 with increased rig activity on the Chinese yards have been successful in securing an increasing share of the global yards. Many of the larger yards in China shifted their focus towards rig construction field development activity. However, the country is still regarded as less capable of when the rig demand increased towards 2014. undertaking large and technologically advanced offshore projects compared to its South-East Asian competitors. As some Brazilian yards are currently experiencing As many rigs are delayed at the yards, and thus payments expected due over a issues, yards such as COOEC and Dalian Cosco have managed to pick up some of longer period, some revenue is shifted from 2015 to 2016 and 2017. The market is the slack created by Brazils’ struggling industry. expected to steadily decline towards 2018 to around USD 1 billion. However, due to the extremely challenging market environment, the rig construction market is The construction site (yard) of a field development project is important as certain estimated to be below USD 500 million in the period 2019-2021. contracts will have to be negotiated directly with the yards or the engineering partner. The table on the next page gives an overview of selected field development contracts at Chinese yards.

*Yard awarded module fabrication and/or integration scope. Source: Rystad Energy research and analysis; Rystad Energy RigCube

5 NORWEP Annual Offshore Oil & Gas Market Report 2017

5. NORWEP Markets – Shipyards in Asia

Table 183: Offshore Field Development Projects at Chinese Yards Estimated Field Startup Rig yard name Rig Name Rig Owner Rig Category Yard Project Project country Operator Facility Detail Status delivery year (Operator) COSCO Dalian Vivekanand 3 Foresight Drilling Jackup 2018 CIMC Raffles Bohai Bay oil fields China CNOOC Production jack-up 2017 Delivered COSCO Dalian Dynamic Momentum Momentum Drilling Jackup 2018 COOEC Lula Norte (P-67)* Brazil Petrobras FPSO 2018 Ongoing COSCO Dalian Energy Engager Northern Offshore Jackup 2017 COOEC Atapu (P-70)* Brazil Petrobras FPSO 2019 Ongoing COSCO Dalian Energy Encounter Northern Offshore Jackup 2018 Cosco Tartaruga Verde and Mestica* Brazil Petrobras FPSO 2017 Delivered COSCO Nantong KS Orient Star 2 KS Energy Services Jackup 2017 Cosco Western Isles UK Dana FPSO 2018 Delivered COSCO Nantong Sevan Developer Sevan Drilling Floater 2017 Cosco Buzioz (P-75) Brazil Petrobras FPSO 2020 Ongoing CPLEC CP300-3 CPLEC Jackup 2017 Cosco Buzioz (P-77) Brazil Petrobras FPSO 2020 Ongoing CPLEC CP400-1 CPLEC Jackup 2017 CPLEC CNPC Liaohe DSJ300 L2 CPTDC Jackup 2018 CPLEC TS Emerald FTS Derricks Jackup 2017 5.18.5 Offshore Drilling Rig Projects at Chinese Yards CSIC ES Holdings JU TBN 1 ES Holdings Jackup 2017 CSIC TS Jade FTS Derricks Jackup 2017 The table below shows the floater and jack-up drilling rigs under construction at CSIC TS Opal FTS Derricks Jackup 2017 Chinese yards. CSSC Alliance Driller 2 Alliance Offshore Drilling PT Jackup 2017 CSSC Alliance Driller 3 Alliance Offshore Drilling PT Jackup 2018 CSSC CSSC Leasing JU TBN 1 CSSC Leasing Jackup 2018 Table 184: Drilling Rig Projects at Chinese Yards CSSC CSSC Leasing JU TBN 2 CSSC Leasing Jackup 2018 CSSC Tiger 2 Opus Offshore Floater 2017 Estimated Rig yard name Rig Name Rig Owner Rig Category CSSC Tiger 3 Opus Offshore Floater 2017 delivery year CSSC Tiger 4 Opus Offshore Floater 2018 CIMC Raffles Bluewhale II Bluewhale Offshore Pte Ltd Floater 2017 DSIC HYSY 982 China Oilfield Services Floater 2017 CIMC Raffles Cerberus Central Shipping Monaco Jackup 2017 DSIC Prospector 6 Paragon Offshore Jackup 2017 CIMC Raffles Phoenix Central Shipping Monaco Jackup 2017 DSIC Prospector 7 Paragon Offshore Jackup 2017 CIMC Raffles CIMC Raffles JU TBN 4 CIMC Raffles Jackup 2017 DSIC Prospector 8 Paragon Offshore Jackup 2018 CIMC Raffles CIMC Raffles JU TBN 5 CIMC Raffles Jackup 2018 DSIC Ayu PT Apexindo Jackup 2017 CIMC Raffles Coastal Contracts Jackup TBN 2 Coastal Contracts Bhd Jackup 2017 DSIC West Hyperion Seadrill Jackup 2017 CIMC Raffles Beacon Atlantic North Sea Rigs Floater 2017 DSIC West Proteus Seadrill Jackup 2017 CIMC Raffles North Dragon North Sea Rigs Floater 2017 DSIC West Tethys Seadrill Jackup 2017 CIMC Raffles Beacon Pacific North Sea Rigs Floater 2018 DSIC West Titan Seadrill Jackup 2017 CIMC Raffles Shengli Jackup TBN ShengLi Offshore Jackup 2018 DSIC West Dione Seadrill Jackup 2018 CMHI Bestford Jackup TBN 1 Bestford Offshore PTE Jackup 2017 DSIC West Mimas Seadrill Jackup 2018 CMHI Bestford Jackup TBN 2 Bestford Offshore PTE Jackup 2017 DSIC West Rhea Seadrill Jackup 2018 CMHI Bestford Jackup TBN 3 Bestford Offshore PTE Jackup 2017 DSIC West Umbriel Seadrill Jackup 2018 CMHI Bestford Jackup TBN 4 Bestford Offshore PTE Jackup 2018 JNYS Explorer 1 Explorer I Limited Jackup 2017 CMHI Haiheng 6 Hongmao Shipping Jackup 2017 Shanghai Waigaoqiao ESSM Jackup TBN 1 ESSM Jackup 2017 CMHI Haiheng 7 Hongmao Shipping Jackup 2017 Shanghai Waigaoqiao ESSM Jackup TBN 2 ESSM Jackup 2017 CMHI Oriental Dragon Landmark Drilling Jackup 2017 Shanghai Waigaoqiao Energy Embracer Northern Offshore Jackup 2017 CMHI Oriental Phoenix Landmark Drilling Jackup 2017 Shanghai Waigaoqiao Energy Emerger Northern Offshore Jackup 2017 CMHI Polynor 1 Polynor Drilling Jackup 2017 Shanghai Waigaoqiao Energy Enticer Northern Offshore Jackup 2018 CMHI Haiheng CJ50-1 Tianjin Haiheng Jackup 2017 Shanghai Waigaoqiao Energy Edge Northern Offshore Jackup 2019 CMHI Haiheng CJ50-2 Tianjin Haiheng Jackup 2017 ZPMC Jap Driller 1 Jap Drilling Jackup 2017 CMHI Vanda Offshore Jackup TBN 1 Vanda Offshore Jackup 2018 ZPMC KS Energy Jackup TBN 4 KS Energy Services Jackup 2018 CMHI Viking Offshore & Marine Jackup TBN 2 Viking Offshore & Marine Jackup 2018 ZPMC Lovanda Jackup TBN 1 Lovanda Offshore Ltd Jackup 2017 CMIH Viking Offshore & Marine Jackup TBN 1 Viking Offshore & Marine Jackup 2017 ZPMC Lovansing Jackup TBN 1 Lovansing Offshore Jackup 2018

*Yard awarded module fabrication and/or integration scope Source: Rystad Energy research and analysis; Rystad Energy RigCube

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