The project by the Iran"s Marine Industrial Company (SADRA) is now 99 percent complete.

The floating rig, with a capacity of 14,000 tons, has been designed to work in the depth of 6,000 meters below the sea surface, said SADRA"s Managing Director Mas"oud Rabbani on Sunday.

He told Fars that most of the equipment had been launched and that the rig would soon be transferred to the Caspian Sea "for pumping our own share of oil from the northern waters of the Caspian Sea".

Iran shares the oil resources of the Caspian Sea with the other littoral states of Azerbaijan, Russia, Kazakhstan, and Turkmenistan.

The project is due to be completed by September in cooperation with Swedish GVA, which holds only five percent share.