New Fortress is adding another jack-up rig to their inventory. The newest rig is a part of an ongoing project that New Fortress is currently working on. Maersk Drilling, another energy company, sold the rig to New Fortress.
This transaction is not the first time that New Fortress and Maersk Drilling have done business together. It is also not the first time that New Fortress has bought a jack-up rig from Maersk Drilling. This latest rig is one of two that are now in possession of New Fortress. Maersk Drilling used the rigs for drilling, but they will have a new purpose at New Fortress.
The two rigs, formally know as Maersk Guardian and Maersk Gallant, will now be part of New Forstress’s Fast LNG project. The project aims to be a more cost-efficient and alternative to modern liquefaction storage. The rigs are not used for drilling but are one of several components used in the new project.
The CEO of New Fortress Wes Edens commentated on how cost-efficient it is to set up and maintain the technology for the new project. It also keeps up with the global demand for clean energy options.
Wes Edens expects the Fast LNG liquefiers to produce well and help the company grow more. The rigs will more than pay for themselves. New Fortress purchased both rigs for thirty-one million dollars in total. Maersk Drilling and New Fortress were able to complete the transaction in all cash. Once the rigs are in use, they will help the company generate up to four million dollars of LNG.
Wes Edens and Maersk Drilling bot recognized the environmental significance of the sale. Before the sale, the rigs had a harsh impact on the environment. Now, the rigs’ new, more modern role and will help provide environmentally friendly energy.