US shipping company to spend $1 billion on new offshore drilling platform

A shipping company that has built the world’s biggest container shipping platform is seeking to expand the capacity of its new $1.4 billion offshore drilling rig to reach new locations.

The Port of Seattle said Wednesday it will begin the process of constructing a $3 billion floating platform at the port’s former waterfront site in Seattle Harbor, the largest floating platform in the world.

The platform will be able to hold up to 400,000 barrels of water, the Port said in a news release.

The company also plans to develop a new floating platform for cargo and containers at the same site.

The move marks the latest sign of U.S. companies seeking to extend the reach of their offshore drilling rigs, which often rely on barges to carry drilling materials and equipment.

In August, the U.K. government said it would build a second, larger platform at its Portsmouth, England, ports to allow ships to access the waters off the country’s north coast.

A growing number of companies are using platforms to tap the ocean’s vast energy potential, including some that have built floating oil rigs to transport oil and gas and liquefied natural gas.

But a growing number are looking to build more permanent facilities to haul and store cargo.