SembCorp Marine’s subsidiary PPL Shipyard secures US$117.6 Million Rig Building Contract
PPL Shipyard, a subsidiary of SembCorp Marine has secured a US$117.6 million contract from Mosbarron Ltd of Norway for the construction of a Baker Pacific Class 375 Jack Up Rig.
The contract includes an option for another three units of jack-up with price adjustment for increase in major equipment.
The design of the jack-up rig is a proprietary design of Baker Marine Pte Ltd, a wholly owned subsidiary of PPL Shipyard. It is designed to operate in 375 feet in water depth and in-ground drilling depth of 30,000 feet and accommodation for 120 men.
Work on the new rig is expected to commence in June 2004 with delivery scheduled in the second quarter of 2006.
Mr T. K. Ong, Managing Director of PPL Shipyard said “We are pleased that Mosbarron Ltd of Norway has selected our Baker Marine Pacific Class 375 Jack-up design. Since the launch of our new design early this year, this is the second jack-up rig of such design on order. With the signing of this contract, the confidence in the design and capabilities of this Pacific Class 375 Jack-up rig could lead to more such orders for our design.”
PPL Shipyard is a rig-building yard with proven track record in the building and servicing of jack-ups and semi-submersibles. To-date, PPL Shipyard has built 25 jack-ups and 4 semi-submersibles. It has in 2003 delivered the first deepwater jack-up drilling rig to GlobalSanteFe International with the second jack-up drilling rig recently delivered in March 2004.
Mosbarron Drilling is associated with the Mosvold Group that has a long tradition of more than 20 years experience in shipping and in owning and operating offshore rigs in Norway.
The contract is not expected to have any material impact on the net tangible assets and earnings per share of SembCorp Marine for the year ending December 31, 2004.
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