Russian yard seals mega rig order from Iran

Russian shipbuilder Krasnye Barrikady has been won a contract by Iran worth nearly $1bn to build five offshore drilling rigs for use on Iran’s part of the Gulf shelf. Financing for the contract will come from the two countries.

Krasnye Barrikady, which translates as Red Barricades, has been negotiating the contract for the best part of two years. It is also negotiating with NITC over a series of tanker orders.

Established in 1886 as a ship repair yard, Red Barricades has since become a specialist in tankers and offshore.