01 Jan 2008
Saipem S.p.A. shows confidence in the Frigstad Offshore organization following acquisition of Frigstad Discoverer Invest Ltd
On Friday 19th October it was announced that Saipem acquired 50.02% of the share capital in Frigstad Discoverer Invest Limited (FDIL) – a company established by the Frigstad group of companies in 2005. FDIL is the owner of “SS Frigstad Oslo”, an ultra deepwater semi-submersible drilling rig of the Frigstad D90 design currently under construction in Yantai Raffles Shipyard, China. Saipem has since acquired all remaining share in FDIL and renamed the rig to “Scarabeo 9”.
Saipem confidence in Frigstad D90 Design
This acquisition by Saipem can only be categorized as an absolute success for FDIL and is well above market expectations. Founded by Harald Frigstad in March 2006, the company was listed on the Oslo Stock Exchange and owned by external investors. With the takeover, Saipem has shown great confidence in the Frigstad D90 design and the Frigstad organization.
Frigstad Offshore to continue project management for “Scarabeo 9”
Frigstad Offshore Pte Ltd has been commissioned to continue in the project management efforts for “Scarabeo 9” and is pleased to be working with Saipem to chart into newer territories with the D90 design. This commissioning from Saipem is a stamp of quality for the Frigstad group of companies in the industry and amongst investors.
About Frigstad Offshore
Frigstad Offshore is a fully integrated offshore drilling contractor with an experienced staff of over 80 industry professionals. Established in 1989 and headquartered in Singapore, Frigstad Offshore offers a complete range of management services for offshore drilling units to owners and investors internationally. The company has an established track record including commercial, operational and technical management of drill ships, jack-ups and semi-submersibles across international corporations and projects.
About Saipem Group
The Italian Saipem Group is the largest turnkey contractor in the oil and gas industry world-wide with strong local presences in strategic and emerging areas such as West Africa, Central Asia, Middle East, North Africa and South East Asia. Saipem is an experienced offshore drilling contractor with a large fleet of drilling units, including the ultra deepwater drillship Saipem 10000, five semi-submersibles and four jack-up rigs. Saipem is currently constructing an ultra deepwater drillship in Korea (Saipem 12000) and a semi-submersible rig in Russia (Scarabeo 8).