Kencana Hooks Up with Mermaid; Venture Orders Tender Rig

Mermaid Drilling (Singapore) Pte. Ltd. and Kencana Petroleum Ventures Sdn Bhd (KPV) have have formed a new Singapore-based drilling and drilling-related services company, Mermaid Kencana Rig 1 Pte. Ltd. (MKR1). Kenana Petroleum will subscribe for 25% of the equity in MKR1.

In a related move, the new company has awarded Kencana HL Sdn Bhd a US$136-million contract to design, construct, equip, and deliver a newbuild tender rig. Moreover, the contract gives MKR1 options to order up to three additional newbuild tender rigs from Kencana HL.

The newbuild tender rig will comprise one self-erected tender rig and one derrick equipment set. The expected date of delivery of this newbuild tender rig is in the fourth quarter of 2009. MKR1 is working on proposals to provide a long-term drilling contract for the newbuild tender rig to major oil and gas companies.

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