Hyundai Shipbuilding & Heavy Industries Company Ltd. of Ulsan, South Korea, has been awarded a $100-million contract to build another SEDCO 700 type semisubmersible drilling rig for a joint venture company formed by SEDCO, Inc. of Dallas and Ranger Oil Ltd. of Calgary, Canada.

To be named SEDCO 714, the rig is designed to operate in water depths up to 1,500 feet and drill down to 25,000 feet. It will be owned 50/50 by SEDCO and Ranger, and will be contracted to the latter company for a minimum of five years following delivery in July 1983.

Hyundai now has orders for three drilling rigs. The SEDCO 714 brings the Dallas company's current building program to four semi-submersibles and nine jackup rigs.