Jurong Shipyard, Seadrill Sign LOI for Jackup

Sembcorp Marine's wholly owned subsidiary, Jurong Shipyard has signed a letter of intent with Seadrill to negotiate the sale of a harsh environment CJ70 jackup drilling rig. The rig was originally contracted for construction for Petroprod Ltd, which had in 2009 gone into liquidation. Jurong Shipyard terminated the contract with Petroprod last year when no further payments were received under the said contract.