SembCorp Lands Dual Rig Contract

Wednesday, April 18, 2001
SembCorp Marine Ltd, a subsidiary of SembCorp Industries Ltd said on Wednesday it had secured two rig contracts from Santa Fe International Corporation worth about $570 million.

SembCorp said that its associated company PPL Shipyard Pte Ltd would construct two deepwater semisubmersible drilling rigs plus options for two additional drilling units. The first two rigs will cost approximately $285 million each, with the option rigs priced slightly higher.

Construction of the first rig will commence in May and take approximately 30 months to complete. The second rig is expected to commence 18 months into the construction of the first, and is scheduled to be completed in 24 months.

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