(VOVworld) - Russia and Iran have signed a contract to build five offshore drilling rigs with the aim of exploring and extracting oil and gas in the Persian Gulf.

Iranian workers walk at a unit of South Pars Gas field in Asalouyeh Seaport, north of the Persian Gulf (Photo: Reuter)

The contract was reached between Iranian company Tasdid (TODC) and the Russian shipyard Krasnye Barrikady and was worth 1 billion USD. TODC Managing Director Ehsanollah Mousavi said the Iranian company’s share in the construction of the first drilling rig would be 58 percent, and this share would gradually rise during the execution of the project with technology transfer to Russia. The drilling rigs are to be built in Iran’s port city of Khorramshahr within the next two years.