Jurong Shipyard Exercises Right to Sell Petrorig I

Petrorig I
(Click to Enlarge)

Sembcorp Marine's wholly-owned subsidiary, Jurong Shipyard Pte Ltd (JSPL), has completed the construction of the semisubmersible rig, Petrorig I.

Petrorig I was ready for delivery to Petrorig I Pte Ltd, a wholly-owned subsidiary of PetroMENA ASA in early April 2009. However, as final payment was not made to JSPL under the construction contract, JSPL has terminated the contract today.

In accordance to its rights under the contract, Jurong Shipyard will proceed to sell the rig.

Petrorig I is a 6th generation ultra-deepwater semisubmersible rig built based on the Friede & Goldman Ex-D design. The rig is rated to work in water depths up to 3,000 meters and is also outfitted for harsh environment drilling conditions. The unit is also suitable for operations in most of the world's known challenging deepwater arenas.

Based on best known information, Jurong Shipyard is confident that it will be able to sell the rig and to recover all outstanding amounts owed to the shipyard. The event will not have any material impact on Sembcorp Marine.

Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Field Engineer-Wireline
Expertise: Drilling Foreman / Drilling Supervisor|Perforation
Location: Odessa, TX
Wireline Engineer
Expertise: Drilling Foreman / Drilling Supervisor|Wireline
Location: Williston, ND
Perforating Specialist
Expertise: Drilling Foreman / Drilling Supervisor|Perforation
Location: Williston, ND
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours