PPL Shipyard Wins $117.6M Rig Contract

Tuesday, June 08, 2004

PPL Shipyard, a subsidiary of SembCorp Marine won a $117.6 million contract from Mosbarron Ltd., a subsidiary of Awilco AS of Norway, for the construction of a Baker Pacific Class 375 Jack Up Rig.

The contract includes an option for another three units of jack-up with price adjustment for increase in drilling package. The design of the 120-person jack-up rig is a proprietary design of Baker Marine Pte. Ltd, a wholly owned subsidiary of PPL Shipyard. It is designed to operate in 375 ft. of water and in-ground drilling depth of 30,000 ft. Work on the new rig is expected to commence in June 2004 with delivery scheduled in the second quarter of 2006.

To-date, PPL Shipyard has built 25 jack-ups and four semi-submersibles. It has in 2003 delivered the first deepwater jack-up drilling rig to GlobalSanteFe International with the second jack-up drilling rig recently delivered in March 2004.

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