Construction of the jackup rig is expected to commence in the first quarter of 2006 with delivery scheduled in mid-2008.
The Baker Marine Pacific Class 375 Design is a proprietary ownership of Baker Marine Pte Ltd, a wholly owned subsidiary of PPL Shipyard. The jackup rig will be customized to meet owner's requirements for operations in the Indian Ocean. It will be equipped with a drilling package that will enable it to drill high pressure and high temperature wells at 30,000 feet while operating in 375 feet of water. It has accommodation for 120 men.
Mr. T. K. Ong, Managing Director of PPL Shipyard said "We are pleased that Aban Singapore Pte Ltd, a subsidiary of Aban Loyd Chiles Offshore has chosen to place an order with PPL Shipyard. This is the first jackup rig on order in 2006 and the ninth jackup rig to be built based on the BMC Pacific 375 Design in PPL Shipyard."
"With the robust offshore oil and gas market and the high utilization and charter rates for jackup rigs, we can expect more rigs to be ordered."
PPL Shipyard is a rig-building yard with proven track record in the building and servicing of jackup and semisubmersible rigs. To-date PPL Shipyard has built 26 jackup rigs and 4 semisubmersibles.
Aban Singapore Pte Ltd is a subsidiary of Aban Loyd Chiles Offshore Ltd, a company listed on the Mumbai Stock Exchange Ltd, India. Incorporated in 1986, the company is the largest offshore oil field service provider in India's private sector. It has a market capitalization of US $500 million. Currently, the company owns 8 rigs, one drill ship and one floating production unit, all on long-term contracts.
Barring unforeseen circumstances, SembCorp Marine expects a positive contribution to its earnings from the contract. However, this contract is not expected to have a material impact on the net tangible assets and earnings per share of SembCorp Marine for the year ending December 31, 2006.
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