SembCorp & PetroMena Formalize Deal to Build Deepwater Semisub

SembCorp Marine reports that the Letter of Intent that was signed between its subsidiary, Jurong Shipyard Pte Ltd and PetroRig/PetroMena ASA under management by Larsen Oil & Gas (LOG) to build a semisubmersible rig is now effective at a contract value of US $422.7 million.

The contract is signed with PetroRig I Pte Ltd, a company incorporated in Singapore and a wholly owned subsidiary of PetroMena ASA.

The contract value is US$22.7 million higher than the original announcement from earlier this year.

Under the contract, Jurong Shipyard will build the 6th generation ultra-deepwater semisubmersible drilling rig based on the Friede & Goldman Ex-D-design. The semisubmersible rig is capable of operating in challenging deepwater arena and is also engineered for stability and versatility with operational displacement of 43,400 metric tons at 17 meters draft and 46,750 metric tons at 20 meters draft.

The Construction Contract takes effect in November 2005 with delivery scheduled not later than January 2010.

Jurong Shipyard is a leading shipyard offering integrated solutions in ship repair, shipbuilding, offshore construction, rig building and offshore engineering. Apart from its proven track record in the building and servicing of jackup and semisubmersible rigs, Jurong Shipyard is also a global leader in the EPC conversions of tankers to floating production, storage and offloading units (FPSOs) and floating storage tankers (FSOs).

Larsen Oil & Gas is a Norwegian company owned by Berge Gerdt Larsen. LOG is the Business Manager to Petrojack ASA and Petrolia Drilling ASA, a company listed on the Oslo Stock Exchange and a Drilling Contractor for SS Petrolia, a North Sea semisubmersible drilling rig. PetroMena ASA will be listed on the Oslo Stock Exchange in the first quarter of 2006 with LOG as the Business Manager. LOG is the largest industry shareholder in DNO ASA (The Norwegian Oil Company), a company listed on the Oslo Stock Exchange. Currently, Petrojack ASA has three jackup drilling rigs under construction in Jurong Shipyard.

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, 2005.

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