Jurong Shipyard Secures Second Rig Order from SeaDragon

Jurong Shipyard, a wholly-owned subsidiary of Sembcorp Marine, has secured a second SeaDragon rig order from Oban B Limited ("Oban B") to complete and deliver a Moss Maritime Full Dynamically Positioned (DP-3) Semi-submersible Drilling unit.

The 6-column Bare Deck hull, built in a Russian yard, arrived at Jurong Shipyard in early June 2009. Following arrival, Jurong will now proceed with the construction, outfitting, furnishing, equipping, testing and completion of the bare-deck hull into an ultra-deepwater semisubmersible drilling rig. The second unit is scheduled for delivery by end June 2011. The shipyard's contract value for the second unit is US $237.3 million, excluding equipment supplied by the owner.

This new rig will be built for a water depth rating of 10,000 feet and maximum drilling depth of 30,000 ft. The rig’s ability to operate even in harsh environment gives it the multi-region flexibility to operate worldwide as compared to its peers.

George Sutherland, Technical Director of Oban B said, "We are delighted to be working with the world class team at Jurong on this second project, which we are confident will result in a first class asset for charter in 2011."

Don Lee, Jurong Shipyard's Senior General Manager of Offshore Division said, "We thank SeaDragon again for their trust and commitment in working with Jurong to realise this option after the first contract was signed in April 2009. These two state-of-the-art semi-submersible rigs will complement the range of semisubmersibles that Jurong is building and demonstrates our versatility in undertaking projects with diverse complexities. We now have two first of its class semisubmersible rigs to be delivered.

"We are pleased that, despite the current challenges due to the economic downturn and the credit crunch, our order book continues to strengthen. This rig order is testimony of the confidence that our clients, partners and vendors have in the deepwater market and in particular, Jurong's proven track record and projectexecution capabilities. We are committed to deliver on our promise and to build on this foundation for many years to come."