Sembcorp Marine wins $208m Perisai jack-up rig repeat order

Delivery set for second quarter of 2015.

Sembcorp Marine’s subsidiary PPL Shipyard announced that it has secured a repeat order to build a second Pacific Class 400 jack-up rig worth US$208 million from Perisai (L) Inc, a wholly-owned subsidiary of Perisai Petroleum Teknologi Bhd.

Scheduled for delivery in the second quarter of 2015, the second jack-up rig will be built based on PPL Shipyard’s proprietary Pacific Class 400 design with similar specification to the first jack-up unit, now named Perisai Pacific 101, secured in May 2012.

Incorporating the latest drilling equipment for improved drilling efficiency, offline handling features and simultaneous operations support, this high specification rig is capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 30,000 feet. The rig will be equipped with full hotel services for a complement of 150 persons on board in 1-man cabins and 2-men cabins.

En. Izzet Ishak, the Managing Director of Perisai Petroleum Teknologi Bhd said “We are delighted to have PPL Shipyard as the builder of our second jack-up rig unit. We are pleased with the progress of Perisai Pacific 101, our first unit currently under construction at the shipyard and look forward to strengthening this close cooperation with the building of our second rig unit. We are confident that PPL Shipyard will achieve the timely deliveries of both rigs and meet our stringent requirement for quality, safety and reliability.”

Mr Douglas Tan, Managing Director in PPL Shipyard said “We are very pleased that Perisai has chosen to order the second Pacific Class jack-up rig with us. This repeat order is a reflection of the optimism that the owner has in the jack-up rig market. It is also an endorsement of our design and our ability to deliver on schedule and within budget. Our proprietary ownership of this design offers us the flexibility to provide custom-design turnkey solutions to meet the unique requirements of our clients and the field operators.”

The contract is not expected to have any material impact on the consolidated net tangible assets and earnings per share of Sembcorp Marine for the year ending December 31, 2013.

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