Offshore marine firm Viking Offshore & Marine has moved into the land drilling business after it said today that it has completed a sale and leaseback deal, securing 50-month bareboat charter for a land rig system.

Viking will acquire from and leaseback the newbuild 1,500 horsepower train-type land rig and related drilling equipment system to a Chinese land rig specialist from September 2014, securing around $32m for the charter.

The rig builder has secured a contract with a major South-Asian energy operator, which will deploy the rig in North-Africa.

Daniel Lin, executive director of Viking, said: “Our foray into owning and chartering land rigs underscores our commitment to build up a portfolio of high-demand assets which can offer stable recurring revenue to enhance shareholder value.”