Petrojack IV Jackup Bound for Gulf of Thailand Ops in Jan. '09

Sembcorp Marine

Petrojack IV, the fourth deep-drilling offshore jackup rig contracted to Sembcorp Marine's subsidiary Jurong Shipyard by Larsen Oil & Gas' subsidiary PetroJack ASA (PetroJack), is well on track for deployment offshore Thailand following its successful completion by the yard within schedule.

The turnkey construction completion of PetrojackIV was marked this morning in a naming ceremony presided by Lady Sponsor Anchulee Gunavibool, the wife of His Excellency Nopadol Gunavibool, Thailand's Ambassador to Singapore, in the presence of key representatives from the owner PetroJack, the charterer Thailand's PTT Exploration & Production Public Company Limited (PTTEP) and Jurong Shipyard.

The jackup rig is scheduled to set sail in mid-January 2009 for a five-year charter with PTTEP and is expected to begin drilling operations in the Gulf of Thailand by the end of January 2009.

Petrojack IV is the fourth unit of a series of four jackup rigs originally ordered by PetroJack ASA, which subsequently sold the first and third units to Maersk Contractors. Its sister rig unit Petrojack II was successfully delivered to PetroJack in March 2008 and is currently managed by Saipem and operating in Saudi Arabia under a four-year charter with Saudi Aramco.

Built based on the Group's proprietary Pacific Class 375 design, Petrojack IV is designed for operational efficiency and performance with a state-of-the-art drilling package enabling it to drill high-pressure and high-temperature wells of up to 30,000 feet whilst operating in 375 feet of water. The rig features extensive deck space and a large jacking capacity for preload jacking, with accommodation for 120 men.

Martin Nordaas, Project Director of PetroJack and General Manager of Larsen Oil & Gas, said, "The on-time completion of this high-performance deep-drilling jackup rig named Petrojack IV is an outstanding achievement. We have found in Jurong Shipyard a trusted partner and a shipyard that delivers on its promises even in this challenging environment. PetroJack IV leaves shortly for a five-year charter with PTTEP, Thailand. We wish her every success throughout this charter, and look forward to the formation of the same trusted relationship with the charterer PTTEP as we have with Jurong Shipyard."

Wong Weng Sun, President & Chief Operating Officer of Sembcorp Marine and Managing Director of Jurong Shipyard, said, "We would like to thank the teams from both PetroJack and Jurong Shipyard for achieving the turnkey completion of Petrojack IV on schedule and attaining high standards of work, in terms of quality and safety. I would like to wish Petrojack and Larsen Oil & Gas all the best and success with this high performance jackup in its drilling operations in the Gulf of Thailand."