Tuesday, April 03, 2012

Sembcorp Marine secures US$568m contract

SINGAPORE: Sembcorp Marine has secured a US$568 million contract to build an ultra-deepwater rig for a subsidiary of Seadrill, an offshore deepwater drilling company.

Sembcorp said the rig will be built by its subsidiary Jurong Shipyard and it is scheduled for delivery to North Atlantic Drilling no later than the first quarter of 2015.

In a filing with the Singapore Exchange, Sembcorp said the new ultra-deepwater harsh-environment rig will be built for a water depth rating of 10,000 feet with a maximum drilling depth of 40,000 feet.

Mr Don Lee, Jurong Shipyard's senior general manager of Offshore Division, said: "With offshore drilling moving towards deeper waters and harsher environments, we are confident of leveraging on these emerging opportunities with our proven track record in the building of high-specification ultra-deepwater rigs."

Mr Alf C Thorkildsen, CEO in North Atlantic Management AS and chairman of the Board of North Atlantic Drilling Ltd, said: "The combination of historical high oil prices and significant exploration successes for our customers in mature as well as frontier areas has increased the demand for quality high specification rigs.

"This environment has created a dynamic investment opportunity for our company to grow its activities and create further value for its shareholders."

The contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2012.

View the original article here

Source From Channel News Asia

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