China's leading shipbuilder COSCO Shipyard will sign a formal construction contract with Norway-based shipowner Fram Drilling for two semi-submersible drilling platforms before Sept.15, 2015, a domestic shipping news portal reported, citing an unidentified source.

Each of the rigs will cost approximately US$500m. The first rig is expected for delivery within 36 months after the signing of the contract.

COSCO Shipyard will ask a down payment of some US$50m from Fram Drilling. Another source revealed that China Export & Credit Insurance Corporation (Sinosure) will provide the credit insurance for the transaction.