18 Apr 2001

PPL Shipyard secures Letter of Award for Sante Fe for two new build deepwater semi submersibles

SembCorp Marine announces today that its associated company, PPL Shipyard, has secured a letter of award from Santa Fe International Corporation for the construction of two Friede & Goldman ExD- designed deepwater semisubmersible drilling rigs. The award also covers options to build two additional drilling rigs.

The total value of each rig, including equipment, project management and other services furnished by client is approximately US$285 million. The optional rigs, on the other hand, are expected to cost slightly more.

Construction of the first rig will start in May this year and will take about 30 months to complete. The second rig, which is scheduled to commence when the first rig is 18 months into its construction, will be completed in 24 months. The building of any subsequent rig is expected to commence at an 18-month interval and be completed in 24 months.

This award is PPL Shipyard’s second from Santa Fe as the shipyard has earlier clinched a contract to build two jackup drilling rigs – each having a value of US$125 million – with the options for up to four newbuild rigs.

Santa Fe is a leading international offshore and land contract driller. Besides owning and operating an advanced fleet of 27 marine drilling rigs and 33 land drilling rigs, Santa Fe is also a provider of drilling-related services to the petroleum industry.

For media and investor enquiries, please contact:

Ms Judy Han
Vice President
Investor Relations & Communications
Tel : (65) 6262 7203
Fax : (65) 6261 0738
E-mail: judy@jspl.com.sg

Submitted by Lee Cheng, Company Secretary on 18/4/2001 to SGX