The Egyptian Drilling Company (EDC) bought a brand new offshore rig, which is one of the latest offshore rigs in the drilling market. EDC said it will use this rig to begin working and developing in Qatar early next month.

The rig value is estimated by $ 250 million and was manufactured in Singapore.

EDC will give the name of Sneferu to the new rig, and will be going into negotiations with the manufacturing firm in Singapore to buy another offshore rig in the period of three months. EDC did not mention whether it will be using the other rig to work in local or abroad market.