SembCorp Marine’s Subsidiary Jurong Shipyard to Construct Semi-submersible for Noble Drilling Holding LLC, USA
Jurong Shipyard, a wholly-owned subsidiary of SembCorp Marine, has signed a contract with Noble Drilling Holding LLC (“Noble Drilling”), USA, to construct, convert and outfit a new ultra-deepwater dynamically positioned semi-submersible drilling unit from Noble Drilling’s existing baredeck hull Bingo 9000 which is named the Noble Danny Adkins. Noble Drilling Holding LLC is a wholly-owned, indirect subsidiary of Noble Corporation.
Work on the semi-submersible will commence immediately with delivery from Jurong Shipyard in Singapore to Noble Drilling scheduled in the first quarter of 2009. The estimated construction cost of the semi-submersible drilling unit is approximately US$500 million, including shipyard cost, owner-furnished equipment, project management cost and general contingencies.
On completion, the Noble Danny Adkins will operate in water depths up to 12,000 feet and drill to a total depth of 35,000 ft. The dynamically positioned semi-submersible unit will have living accommodation for at least 200 persons. Noble Drilling has previously reported publicly that the Noble Danny Adkins is contracted to Shell upon completion of construction for a four-year term.
Barring unforeseen circumstances, SembCorp Marine expects a positive contribution to its earnings from the contract. However, this 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, 2006.
About Noble Corporation
Noble Corporation is a leading provider of diversified services for the oil and gas industry. Contract drilling services are provided with the Company’s fleet of 63 mobile offshore drilling units located in key markets worldwide. The fleet consists of 13 semi-submersibles, 3 dynamically positioned drillships, 44 jack-ups and 3 submersibles. The fleet count includes 3 F&G JU-2000E enhanced premium jackups under construction which jackups, as previously reported, have been contracted. Approximately 84% of the fleet is currently deployed in international markets, principally including the Middle East, Mexico, the North Sea, Brazil, West Africa and India. Listed on the New York Stock Exchange, the Company provides technologically advanced drilling-related products and services designed to create value for its customers. The Company also provides labor contract drilling services, well site and project management services and engineering services.
About Jurong Shipyard
Jurong Shipyard, a fully-owned subsidiary of SembCorp Marine, is a leading shipyard offering integrated services and customised solutions in ship repair, shipbuilding, ship conversion, rig building and offshore engineering to a world-wide clientele. Apart from its proven track record in the building and servicing of jack-up and semi-submersible rigs, Jurong Shipyard is also a global leader in the EPC conversion of tankers to floating, production, storage and offloading units (FPSOs), floating storage tankers (FSOs) and floating production units (FPU).
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