Russian Shipbuilder signs $1bn Contract for Oil Rigs

Russian shipbuilder Krasnye Barrikady has signed a contract with Iran to build offshore drilling rigs for use on Iran’s section of the Persian Gulf shelf, a report said.

Russia’s Krasnye Barrikady has inked a near $1 billion contract with Iran’s Tasdid Offshore Development Company, Sputnik reported on Saturday.

It was signed during a recent ceremony attended by the companies’ CEOs Ehsan Mousavi and Alexander Ilichev.

Under the agreement, five drilling rigs will be built in Iran’s strategic southwestern city of Khorramshahr within the next two years.

The project, which was under discussion for almost two years, will be financed jointly by Iran and Russia.

Iran will make a 15 percent advance payment on the $200 million price of the first rig, and Russia will take care of the remaining 85 percent.

Tehran-Moscow relations have improved dramatically in recent years, with Russian President Vladimir Putin visiting Tehran in November last year.

(Source: Tasnim, under Creative Commons licence)

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