Sembcorp's Jurong Secures Agreement to Build Rig at $640MM
Sembcorp Marine's Jurong Shipyard and Larsen Oil & Gas have announced an agreement to construct a new deepwater semisubmersible drilling rig. The new rig will be constructed under a turnkey contract, with Larsen Oil & Gas as rig construction manager.
This latest turnkey rig order is the fourth consecutive newbuild deepwater semi-submersible drilling rig that the owner has placed with Jurong Shipyard and will have a construction cost of $640 million, excluding project management and financing costs.
Scheduled for delivery in April 2011, the 6th generation ultra-deepwater semisubmersible drilling rig will be built based on the Friede & Goldman Ex-D design. It will have specifications identical to the three deepwater semisubmersible drilling rigs ordered by owner from Jurong Shipyard.
This contract, effective by end July 2008, is not expected to have any material impact on the net tangible assets and earnings per share of Sembcorp Marine for the year ending December 31, 2008.
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