Find out why Keppel's latest semisub rig-building deal is a good catch

It's worth around USS$800m.

According to DBS, Keppel Corp has secured a contract from Caspian Drilling Company Ltd, a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR), to build a semisubmersible drilling rig, which includes owner furnished equipment, worth about US$800m. 

Scheduled for delivery in 4Q16, the rig will be built to Keppel FELS’ proprietary DSSTM 38M design, which has been customised for the Caspian Sea’s harsh environment condition.

Here's more from DBS:

It is designed for a drilling depth of up to 40,000ft and for operations in water depths of up to 1000m. It has been modified to meet customer’s requirement with an 800m self-contained eight point mooring system designed to meet high wind speeds in the harsh Caspian environment. 

The construction work of the rig will be carried out in Keppel’s yard in Azerbaijan, Caspian Shipyard Company (CSC), with engineering, procurement and technical support from Keppel FELS. Its JV yard with SOCAR, Baku Shipyard LLC, will also undertake part of the fabrication of the pontoons and columns.