PGI Energy, through its joint venture with Structural Dynamics Engineering, has announced a $68m contract for the sale of eight drilling rigs.

Under the contract, PT Rebana Energi Corpindo of Malaysia has agreed to purchase four 1,000 HP drilling rigs and four 750 HP drilling rigs.

The drilling rigs are require a 45% down payment by PT Rebana Energi Corpindo.

PGI Energy will receive 50% of the net profits derived from this sale.

PGI Energy said it is currently negotiating a number of major drilling rig orders which will generate significant revenues for the company, thus increasing shareholder value.

The joint venture is commonly known as PGI Manufacturing & Engineering.

US state of PGI Energy is an energy holding company, engaged in acquiring assets in the proven producing oil, gas assets, refinery, pipeline sectors of the energy industry and other synergistic assets.