Petrojack Sells Two Rigs

Tuesday, July 18, 2006
Petrojack ASA has sold two of its jackup rigs under construction at Jurong Shipyard in Singapore, the PetroJack I and PetroJack III at a combined price of $420m to A.P. Møller-Maersk. The sale is constructed as a sale of the shares in the rig owning companies PetroJack I Pte Ltd and PetroJack III Pte Ltd residing in Singapore. The two jack-ups are of Baker Pacific Class 375 design. They will be capable of operating in water depths up to 375 feet in Asia Pacific, the Middle East, the Mediterranean, Latin America, West Africa as well as in the harsh environment of the central and southern parts of the North Sea. The rigs distance themselves from conventional jack-ups in several areas, not least on the drill floor where the highly mechanised equipment leads to increased safety of the crew. The sophisticated drilling equipment will also make the rigs well qualified for drilling deep and difficult wells, including high temperature / high pressure wells. A total of 120 people can be accommodated on board. The 2 remaining jack-up rigs in the company's fleet have the same specification

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