SINGAPORE (Bloomberg) ? SeaDrill Ltd., an oil-rig owner controlled by Norwegian billionaire John Fredriksen, said it had ordered a second semi-submersible drilling rig worth $390 million from Jurong Shipyard in Singapore to take advantage of increasing exploration for oil and gas.

The vessel is set to be delivered in November 2008, Bermuda- based SeaDrill said in a statement last week. SeaDrill also got an option to order a third rig before August 2006 from Jurong, a subsidiary of SembCorp Marine Ltd.

"The ageing fleet and the limited yard availability to build semi subs, combined with strong rig demand driven by high oil price and increased development drilling, is likely to create a good market situation for the rig owners in the next three to five years," SeaDrill said.

The company also said it will apply for a listing on the Oslo Stock Exchange, aiming for the shares to start trading in late September or early October. The stock now trades over the counter in Oslo.

SeaDrill has two semi-submersible and four jack-up rigs on order at shipyards. In addition, the company is in talks with yards about building a rig for harsh weather, including options for more vessels, with the first delivery targeted for early 2008. More details are expected within the next month, SeaDrill said.