Sembcorp Marine reported that its subsidiary PPL Shipyard (PPL) has signed a contract to sell the West Elara jackup rig under construction to Vietsovpetro, the National Oil Company of Vietnam.
As per Sembcorp Marine's SGX-net announcement dated November 7, 2009, PPL Shipyard exercised its right to acquire from its owner the rig which is under construction. Following the acquisition, PPL proceeded to sell it to Vietsovpetro, which has now taken ownership.
Construction work is progressing as per schedule with delivery due in 3Q 2010. The jackup rig is built based on the proven PPL Pacific 375 Deep Drilling Jackup design.
The above transaction will have a positive contribution to the earnings per share of Sembcorp Marine for the year ending December 31, 2009 arising from the revenue and profit recognition based on percentage of recognition method.
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