Signal International Awarded Major Rig Conversion Contract

Signal International has signed a contract with ETESCO Millennium Partners to convert a semisubmersible drilling rig to a 272-bed accommodation vessel and offshore construction and repair platform. Dick Marler, President and CEO of Signal International, said the $35.5 million project would be performed at Signal's East Bank yard in Mississippi.

According to Mike Mullen, President of ETESCO Millennium Partners, LLC, important factors influencing the choice of Signal International were the company's reputation for excellent management, quality, productivity and safety.

The state of the art vessel will be moved to Brazil where it will be under a four-year contract Petrobras. In addition to the new accommodation block, the vessel will have workshops, office space; store rooms and added main deck storage. Entertainment facilities include a swimming pool, two cinemas, two large screen TV rooms, two game rooms and lounge areas for leisure activities.

Mullen has assembled a world-class team to operate the rig in Brazil. Team members include Etesco, a Brazilian company that will bare-boat charter the rig to Petrobras and Workships, a Dutch company that will operate the rig.

Signal International is one of the largest marine and fabrication companies in the Gulf of Mexico providing repair, upgrade, and construction/fabrication services to the offshore industry. The six facilities encompass a total of 347 acres and include the East and West yards in Pascagoula, MS and four Texas facilities, one in Sabine Pass, two in Port Arthur and the Orange Yard.

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