Sembcorp Marine Wins Two Jackup Rig Orders from Oro Negro

Sembcorp Marine’s subsidiary, PPL Shipyard, said Friday that it has secured two turnkey contracts - worth $434 million - for the construction of two jackup rigs from Mexico's Integradora de Servicios Petroleros Oro Negro.

The jackup rigs, scheduled for delivery in 4Q 2013 and 1Q 2014, will be built based on PPL Shipyard’s proprietary design; the PPL Pacific Class 400. The rigs – capable of operating in deeper waters of 400 feet – will be equipped to drill high pressure and high temperature wells to depths of 30,000 feet, and can accommodate up to 150 persons onboard.

Sembcorp Marine said in a statement that it expects that contract to contribute positively to earnings, but it is unlikely to have any material impact on the group's net tangible assets and earnings per share for the year ending December 31, 2012.

Sembcorp Marine reported in early November a net profit of $94 million for the third quarter ended September, down 48 percent from its reported net profit of $182 million a year ago.

The company is also grappling with the after-effects of a rig accident that took place Monday at the site of one of its subsidiaries, Jurong Shipyard. The accident, which occurred during a jacking test onboard the jackup Noble Regina Allen (400' ILC) - one of two turnkey projects that Sembcorp Marine won from a subsidiary of Noble Corporation - resulted in 89 workers being hospitalized and a stop work order being issued for the rig.


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