Falcon Energy places orders for 2 jack-up rigs, 2 support vessels

Falcon Energy Group has placed orders for two jack-up rigs and two multi-functional support vessels (MFSVs) to expand its scope of services for the oil and gas industry.

Falcon Energy says the purchases are in line with its strategy to invest for growth in the longer term by doubling its existing fleet size. The fundamentals for offshore drilling are expected to be strong in an environment of high oil prices despite the current weakness in the global economy.

Falcon Energy did not disclose the amount of the contracts but says the acquisitions will be funded by internal resources and bank loans.