Another round of construction work on jack-up rig component parts has been announced for later this year at the LeTourneau Technologies plant south of Vicksburg.

The oil rig fabrication yard’s parent company, Houston-based Rowan Companies Inc., said a $40 million contract was reached this week with PetroVietnam Shipyard to provide LeTourneau-designed rig kit equipment for a new Super 116-E jack-up with 377 feet of leg for Vietnam’s state-owned oil and gas exploration company at its Vung Tau City facility.

The key rig equipment involves the leg components, elevating system, controls, spud can materials, cantilever skidding system and hold-down structures.

Tubular support rods and access ladders inside the legs will be built at the company’s riverside yard off U.S. 61 South, with the possibility of additional supplies to the project if needed, Marine Services Manager Ronnie Neihaus said.

Rig kit equipment will be delivered in stages commencing in the fourth quarter of 2009 with the final shipment in the third quarter of 2010.

The Super 116E is among five current LTI jack-up rig designs and is designed to drill in up to 350 feet of water in moderate conditions, with the ability to be modified for high temperature and high pressure wells. In financial reports for late 2008 and this year’s opening quarter, Rowan had reported renegotiations on four rigs in the class and suspension on one planned Super 116E.

The contract with the Vietnamese operation is the second major work announced involving planned projects for the local plant since a suspension and a cancellation in January on two 240C class rigs. That design is capable of boring into 400 feet of ocean water.

“We are pleased to enter into this new market with PetroVietnam Shipyard and support the Vietnamese government’s interest in developing the nation’s rig building industry to meet planned oil and gas export projects,” read part of a statement from LTI president and CEO Dan Eckermann. “This contract demonstrates our strong commitment for international growth through the supply of our state-of-the-art rig kits, rig designs and drilling equipment.”

In March, Rowan announced a pair of contracts to provide similar equipment for a two of the Super 116E’s with Consorcio Rio Paraguacu for Brazil-based energy company Petrobras and an agreement with Mexico’s state-owned oil company, Petroleos Mexicanos, for work on the locally-built Gorilla IV rig. That rig is expected to arrive in Mexico by month’s end.

With about 600 workers, LeTourneau remains among Vicksburg and Warren County’s largest employers despite job and hour cuts in December and January.

Oilfield services stocks rose this week amid more active offshore exploration and production. Rowan stock opened at $22.53 this morning, up $1.53 from Thursday.

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Contact Danny Barrett Jr. at dbarrett@vicksburgpost.com