Awilco Exercises Last Jackup Option with PPL Shipyard

PPL Shipyard has signed a contract with Awilco Offshore ASA for the construction of a Baker Marine Pacific Class 375 Deep Drilling Offshore Jackup.

Priced at US$149 million or approximately S$226 million, the jackup is the last of the four options that PPL Shipyard granted to Awilco Offshore ASA in 2005, which the latter has now decided to exercise on maturity of the available option. Construction is expected to commence in the second quarter of 2007 with delivery scheduled in the second quarter of 2009.

The jackup will be built based on PPL's proprietary Baker Marine Pacific Class 375 Deep Drilling design. The rig 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.

PPL Shipyard is a rig building yard with proven track record in the building and servicing of jackups and semisubmersibles. PPL has built a total of 28 jackup rigs, 6 semisubmersibles and 4 swamp barges. The flagship jackup design, the BMC 375 Pacific Class has secured orders for a total of 18 units so far since its launch in 2004.

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