Daewoo clinches drill ship and rig order

The offshore structures, which can drill as deep as 40,000 feet (12,000m) below sea level, will be delivered by end of August 2013 to an unnamed customer in the Americas. The contract brings the company’s total orders this year to about $9.9 billion, close to its $10 billion annual target.

Demand for drill ships and oil rigs has begun to recover as the U.S. in October lifted a ban on deep-water drilling imposed after BP’s Macondo well explosion and offshore oil spill. Oil prices have risen 12 percent this year to touch a 25- month high, spurring companies including Rio de Janeiro-based Petroleo Brasileiro and France’s Total to increase exploration and production.