Sembcorp Marine bags US$427.6mn contract

The deal is for Sembcorp Marine to build two more premium jack up rigs for Noble.

Sembcorp Marine said, the schedule for delivery is on Q3 of 2013 and 1Q of 2014 respectively, these two new turnkey units will be built based on the same design and specification as two earlier Friede & Goldman JU3000N units ordered by Noble. These rigs will be suitable for operations in challenging environments and harsh conditions, including high temperature areas such as the Middle East and in the North Sea.

The Friede & Goldman JU3000N design is the result of the combined development efforrts of Jurong Shipyard, Noble, Friede & Goldman in creating an enlarged hull that will offer more operational benefits, including ergonomic and efficient accommodation layout, increased deck space and strategic placement of equipment for enchanced efficiency and safety during operations. On completion, these new rigs will be capable of operating in waters of 400ft and drilling to depths of 30,000ft.

Mr. Don Lee, Senior General Manager, Jurong Shipyard's Offshore Division said, "we are delighted that Noble has chosen to exercise two of the four rig options at this opportune time as demand for efficient and high-specification premium rigs is expected to continue. We are honoured that Noble has once again selcted Jurong Shipyard as the preferred partner in their fleet expansion strategy to be one of the largest operators of modern, high-specificattion jackup drilling rigs".

Chairman, President and Chief Executive Officer of Noble Corporation, Mr. David W. Williams said, "with the addition of two more premium high-specification rigs, Noble continues with its strategies of focusing on adding equipment with the latest technology, equipment and capabilities. We look forward to the on-time and on-budget delivery of all four units under construction at Jurong".

The contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2011.

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