Despite turmoil, POSCO sends Transocean deep-water rig to Myanmar

Despite the political and social turmoil in Myanmar, South Korea’s Posco International is sending a second deep-water drilling rig to the troubled Southeast Asian state to continue development work at the Shwe gas field.

Although the company is under increasing scrutiny from shareholders and rights activists about its businesses in Myanmar, Posco confirmed media reports that it has hired a second deep-water unit – Transocean’s Deepwater Nautilus – for four development wells at the Shwe Phyu field in Block A-1 offshore Myanmar.