The Frigstad Group has over the years developed and funded several successful projects together with external investors, financial institutions and industry peers. We have established a wide network internationally for financing of rig new-builds and second hand drilling units, and can serve as an attractive partner for players that wish to enter the offshore drilling space.
In March 2006, the investment company Frigstad Discoverer Invest Ltd was founded by the Frigstad Offshore group to own and construct a 6th generation ultra deepwater semi-submersible drilling rig with a total cost of around USD 600 million. The rig was based on the D90 design developed by Frigstad Engineering and the construction contract was signed with Yantai Raffles Shipyard in China. Frigstad Offshore worked with financial institutions to raise USD 215 million of equity and USD 25 million as convertible bond in the international capital market to start the project. The company also issued a bond loan of USD 200 million bond loan to fund equipment and yard instalments. Frigstad Discoverer Invest was listed on the Oslo Stock Exchange in Norway in April 2007. The company was sold to Saipem in the 4th quarter of 2007 at an implisit rig price of USD 743 million, giving the initial investors a total return of around 50% on their initial investment. The rig was re-named "Scarabeo 9" after the acquisition. Frigstad Offshore continued to manage the newbuild project for Saipem until final delivery of the rig. "Scarabeo 9" has since delivery operated successfully in Cuba and West Africa.
In December 2012, Frigstad Deepwater Ltd, a joint venture owned by Frigstad Group and a Chinese investment company, ordered two 7th generation ultra deepwater semi-submersible drilling rigs from CIMC Raffles Shipyard, this time with a total cost of around USD 670 million per rig. The units were enhanced versions of the Frigstad D90 design, 25% larger than "Scarabeo 9' and equipped twith the most powerful drilling package ever manufactured. The rigs were named "Frigstad Shekou" and "Frigstad Kristiansand" and marketed worldwide by Frigstad Offshore. In August 2016, the first rig was contracted to CNPC Offshore Engineering Company for a drilling campaign in the South China Sea commencing in 2nd quarter 2017. However, Frigstad exited the partnership in Frigstad Deepwater Ltd in December 2016, and the rigs were renamed "Bluewhale I" and "Bluewhale II".
Frigstad Offshore - Experience meets innovation