Sembcorp Marine's subsidiary PPL Shipyard has secured orders for two turnkey contracts with a combined value of $417 million for the construction of two units of jackups from repeat customer Integradora de Servicios Petroleros Oro Negro, S.A.P.I. de C.V (Oro Negro).
Scheduled for delivery at end of the fourth quarter of 2014 and end of first quarter 2015, the pair of high specifications and high performance deep drilling offshore jackups will be built based on PPL Shipyard's proprietary Pacific Class 400 design. Including the two jackups of similar design ordered in November 2012, the total number of Pacific Class 400 jackups ordered by Oro Negro now stands at four units.
Incorporating the latest drilling equipment for improved drilling efficiency, offline handling features and simultaneous operations support, these new rigs 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. These rigs will be equipped with increased accommodation with full catering facilities and amenities for a complement of 150 people on board in one-man and two-man cabins.
CEO of Oro Negro Gonzalo Gil said "We are pleased to have PPL Shipyard as the builder of another two jackup rigs in our fleet. The first two units currently under construction are progressing well and we are confident that the strong collaboration will continue with the third and fourth jackup units. Once operational, these high-specification jackup rigs will further strengthen our rig fleet, positioning Oro Negro as a leading player to capitalise on emerging opportunities within Mexico's growing offshore market."
Douglas Tan, managing director in PPL Shipyard said "We are heartened to be chosen once again by Oro Negro as a partner in their offshore fleet expansion program. The repeat order of two additional Pacific Class 400 jackups signals Oro Negro's confidence and endorsement of PPL Shipyard's design capabilities, efficient project execution, and track record for quality and timely deliveries."
Barring unforeseen circumstances, Sembcorp Marine expects a positive contribution to its earnings from the contracts. However, the contracts are not expected to have any material impact on the consolidated net tangible assets and earnings per share of Sembcorp Marine for the year ending December 31, 2013.
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