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Pacific Class 375ft Jack-up Drilling Rig at a value of US $229 million is building in PPL Shipyard, Singapore.
More info
PPL Shipyard, a subsidiary of Sembcorp Marine, has secured a contract from Sinopec International (Hong Kong) Co, a subsidiary company of China Petroleum & Chemical Corporation, to build a PPL Shipyard Pacific Class 375 Offshore Jack-up rig at a value of US $229 million.
This is the first new build jack-up rig to be constructed outside of China. Scheduled for delivery in the first quarter of 2011, the rig will be owned and operated by the Shanghai Offshore Petroleum Bureau, a subsidiary of China Petroleum & Chemical Corporation (Sinopec).
This high performance jack-up rig will be built based on PPL Shipyard's proprietary design Pacific Class 375 and proprietary components. It will be equipped to drill high pressure and high temperature wells at 30,000 feet whilst operating in 375 feet of water. It will have accommodation with full catering and amenities for 120 persons.
This jack-up rig construction project is fully managed by Glory Marine Engineering Pte Ltd (GME).
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, 2008.
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