Diamond Offshore to Purchase PetroRig I from Jurong Shipyard

Sembcorp Marine's wholly-owned subsidiary, Jurong Shipyard Pte Ltd, has accepted the bid by Diamond Offshore Services Company, a related company of Diamond Offshore Drilling, Inc to purchase the rig which Jurong Shipyard advertised for sale by private treaty. The sale is expected to complete by the end of June 2009.

The new build is the 10,000-foot, dynamically positioned semisubmersible offshore drilling unit PetroRig I.

Diamond Offshore President and Chief Executive Officer Larry Dickerson noted that "the transaction is in keeping with the Company's long history of opportunistic rig acquisitions. We believe there are multiple opportunities to employ this highly capable rig in our pursuit of future deepwater projects."

Diamond Offshore Drilling, Inc is listed in the New York Stock Exchange. It provides contract drilling services to the energy industry around the world and is a leader in deepwater drilling.

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