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Sembcorp signed $214.3 million jack-up rig order from Marco Polo

SINGAPORE -- Sembcorp Marine' s subsidiary has signed a turnkey jack-up rig contract worth $214.3 million with Marco Polo Drilling as well as the grant of an option for two sequential units of similar jack-up rigs to be exercised at MPM' s discretion.

The transaction contemplated under the contract is subject to approvals from the shareholders of MPM.Scheduled for delivery in Q4 2015, this high specification and high performance deep drilling offshore jack-up rig will be built based on the yard' s proprietary PPL Pacific Class 400 design.This new rig will be capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 30,000 feet.

Mr Sean Lee Yun Feng, Group CEO of Marco Polo Marine said "The signing of the agreement with PPL Shipyard is an epochal moment as it marks the start of a significant leap forward in terms of our operations and service offerings.Together with the grant of the two option units, we are delighted to work together with PPL Shipyard as it is one of the most highly regarded shipyards globally. We are confident of the on-time and quality delivery of high specification rigs from PPL Shipyard backed by its strong track record."

02/27/2014

 

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