Ppl News

Johor Port Berhad has signed an agreement with Petronas LNG Ltd. to provide marine services for vessels that receive gassing up and cooling down (GUCD) services at PLL’s Regasification Terminal Pengerang.According to a press release from integrated multi-purpose port facility located at the southern tip of Peninsular Malaysia, the signing of the Marine Services Agreement by Johor Port Bhd and PPL enables the provisioning of marine services and attractive tariff for vessels that receive Gassing Up and Cooling Down (GUCD) services at PLL’s Regasification Terminal Pengerang (RGTP).The GUCD is a specialised service of bringing the storage tanks on liquefied natural gas carrier (LNG) vessels to a natural environment and cooling it down to cryogenic temperature (minus 160 degrees Celcius).

Sembcorp Marine has denied the rumours that it was mulling the sale of all or part of subsidiary PPL Shipyard, according to a report in the Business Times. "Neither our rig-building subsidiary PPL Shipyard nor any of the yards from which PPL is operating are up for sale," says the company. SembMarine is understood to have sought valuation for one or more of PPL Shipyard's waterfront assets, sparking market talk over its plans for its rig-building subsidiary. Asset valuations are typically done when owners are evaluating financial options, including divestment. A SembMarine spokesman, responding to an enquiry from The Business Times, denied that the yard group is putting up PPL Shipyard or any of the rig-builder's yards for sale.

Singaporean rig builder Sembcorp Marine Ltd said it had agreed to buy the 15 percent of PPL Shipyard Pte Ltd it did not already own for about $115 million from PPL Holdings Pte Ltd and E-Interface Holdings Ltd. "This will enable the company to optimally manage the businesses, finance and resources of PPLS, and fully align the latter's corporate strategies to the company to generate sustainable returns," SembMarine said in a statement. PPL Shipyard, 85 percent owned by SembMarine, designs and builds oil rigs and ships. Last week, SembMarine, which has been suffering from a slump in orders due to low oil prices, agreed to buy Norway-based ship design firm LMG Marin AS for $20 million.

Rig-builder Sembcorp Marine (SembMarine) is currently embroiled in a dispute with Marco Polo Marine over a US$214.3 million rig construction contract that Marco Polo wants terminated. In a statement on Monday, Macro Polo reiterated its position that it is not obliged to take delivery of the rig, as Sembcorp Marine unit PPL Shipyard had failed to comply with certain contractual obligations. A unit of Marco Polo Marine has found cracks on all three legs of the rig and is seeking a refund of about $21.4 million it paid initially from PPL. The rig builder filed a case against Marco Polo in the Singapore High Court. Macro Polo alleged that 70 cracks were found on all three legs of the rig during a test, and more than 180 new cracks were found during a partial second test.

Marco Polo Marine has unilaterally terminated a rig building order worth US$214.3 million from a subsidiary of Sembcorp Marine. Sembcorp Marine on early Wednesday morning said its subsidiary, PPL Shipyard, will regard the termination by Marco Polo Drilling (I) of the US$214.3 million newbuild contract as "repudiatory breach of the contract". The response comes after Marco Polo Marine, of which Marco Polo Drilling is an indirect wholly-owned subsidiary, on Tuesday said in a filing to the Singapore Exchange that it will terminate the contract for a jack-up rig under construction at PPL Shipyard. Sembcorp Marine refers to the announcement by Marco Polo Marine Ltd in respect of the termination by Marco Polo Drilling (I) Pte. Ltd.

Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured an agreement with RCL Cruises Ltd., a member of the Royal Caribbean Cruises Ltd. group, to perform the extensive revitalisation of Royal Caribbean International’s 137,276-gross tonnage, passenger-ship 'Voyager of the Seas'. Royal Caribbean Cruises Ltd. is a global cruise vacation company that owns Royal Caribbean International, among other cruise brands. This milestone revitalisation contract will further boost Singapore’s status as a major Asian cruise hub and reinforce Sembawang Shipyard’s reputation as one of the world’s leading shipyards in the highly specialised segment of cruise ships repair, refurbishment and conversion. Mr. P.K.

Sembcorp Marine's subsidiary PPL Shipyard has secured a repeat order to build a third Pacific Class 400 jack-up rig worth US$211.5-million from Perisai (L) Inc, a wholly-owned subsidiary of Perisai Petroleum Teknologi Bhd. Scheduled for delivery in the third quarter of 2016, this third jack-up rig will be built based on PPL Shipyard’s proprietary Pacific Class 400 design with similar specification as the first and second jack-up rig units, named Perisai Pacific 101 and Perisai Pacific 102.

The Court of Appeal in its judgment today ruled that certain provisions in the Joint Venture Agreement between Sembcorp Marine and PPL Holdings premised on equal shareholding no longer applied when Sembcorp Marine increased its shareholding from 50% to 85% in PPLS. The Court of Appeal, however, did not agree that Sembcorp Marine had the right to terminate the Joint Venture Agreement. The cross appeal by PPL Holdings, including their claim to the right to appoint the Managing Director, was dismissed entirely. The Court of Appeal also ruled that certain resolutions passed by Sembcorp Marine’s nominated PPLS directors were valid and not in breach of the provisions in the Joint Venture Agreement. The Sembcorp Marine nominated PPLS directors’ removal of Mr.

Sembcorp Marine's PPL Shipyard secures US$220.5-million contract to construct a jack-up rig for Bot Lease Co. BOT Lease Co., Ltd. is a leasing company of The Bank of Tokyo-Mitsubishi UFJ which is under the umbrella of Mitsubishi UFJ Financial Group. The contract price is US$220.5 million (excluding cost of BOTL’s project management team and pre-operations cost). Scheduled for delivery at end January 2015, the new rig will be built based on PPL Shipyard’s established proprietary Pacific Class 400 design. This design represents the latest generation of high-specification jack-up rigs that are capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 30,000 feet.

Sembcorp Marine's PPL Shipyard secures repeat rig orders from Oro Negro to build two jack-up rigs at US$417-million. Sembcorp Marine’s subsidiary PPL Shipyard has secured orders for two turnkey contracts with a combined value of US$417 million for the construction of two units of jack-up rigs from repeat customer Integradora de Servicios Petroleros Oro Negro, S.A.P.I. de C.V (“Oro Negro”). Scheduled for delivery at end of the fourth quarter of 2014 and end of first quarter 2015…

Sembcorp Marine's PPL Shipyard secures a repeat order for a jack-up rig worth US$208-million from Perisai (L) Inc. The second jack-up rig ordered by Perisai (L) Inc. a wholly-owned subsidiary of Perisai Petroleum Teknologi Bhd., 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.

An Atwood Oceanics subsidiary awarded drilling services contract by Mubadala Petroleum. The Atwood Orca, currently under construction at PPL Shipyard in Singapore, will have a rated water depth of 400 feet, 1.5 million pound hook load capacity, accommodation for 150 personnel and significant offline handling capabilities. The agreement is for a firm duration of two years. The Atwood Orca is expected to be delivered from the PPL shipyard in early May 2013, ahead of its scheduled June delivery after which it will mobilize for a period of approximately ten days to its first location offshore Thailand. This contract adds $116 million in revenue backlog, bringing Atwood's total revenue backlog to approximately $2.6 billion as of January 22, 2013. Atwood Oceanics, Inc.

Sembcorp Marine's PPL Shipyard secures rig orders worth US$434-million to build two jack-up rigs for the Mexican market. PPL Shipyard has secured two turnkey contracts with a combined value of US$434 million for the construction of two units of jack-up rigs from Integradora de Servicios Petroleros Oro Negro, S.A.P.I. de C.V. ("Oro Negro"). Scheduled for delivery in end 4th quarter 2013 and end 1st quarter 2014, the pair of high specifications and high performance deep drilling offshore jack-up rigs will be built based on PPL Shipyard's proprietary design, the PPL Pacific Class 400. These new rigs will be capable of operating in deeper…

GDI announced today that they have placed an order for a Pacific Class 400 jack-up drilling rig with PPL Shipyard  (“PPL”) for delivery in March of 2013. This is the 3rd new build jack-up rig that GDI has ordered in the last 12 months. The contract was signed by GDI Chief Executive Officer, Mr. Ibrahim J. Al-Othman and Dr. Benety Chang, Deputy Chairman of PPL Shipyard. The rig will come with accommodation for 150 persons, have a 75’ cantilever outreach and be able to operate in water depths of up to 400’ and drilling to depths of 30,000 feet. On delivery, this jack-up will be the most technologically advanced drilling rig operating in Qatar. The total cost to place this rig into service is estimated at $250 Million.

Hilco Industrial, LLC, and partners Myron Bowling Auctioneers, Maynards Industries, and PPL Group, will conduct a public auction sale of the assets of Keet Seel Tankships, LLC, and First Mesa Tankships, LLC on February 15, 16, and 17, 2011 The auction will feature the components necessary to construct two 49,000-dwt Jones Act Tankers. As recently as 2009, these components were valued at over $200,000,000, making this a truly unprecedented auction event. Many of the components have never been used or installed and are still in their original vendor shipping crates. In 2007, AHL Shipping committed to build three tankers in conjunction with Shell Trading Company…

According to an April 27 report from The Business Times, there has been a slew of upgrades on the offshore and marine, and shipping sector on account of early signs of a pick-up in new-builds. Yangzijiang's stock has risen some 28 per cent this month on news that it was acquiring rig-builder PPL Shipping for $155m through a joint investment. Cosco's stock has surged some 48 per cent in the past three weeks following its announcement of new shipbuilding contracts worth a total of $106.6m. (Source: The Business Times)

According to an April 17 report from Reuters, China's Yangzijiang Shipbuilding (YAZG.SI) and a Middle Eastern investor will buy an indirect stake in Singapore-based oil-rig maker PPL Shipyard in a $113m deal. (Source: Reuters)

Vantage Drilling, a company organized under the laws of the Cayman Islands, has chosen both the AMOS Business Suite for Maintenance and Purchasing and the AMOS2 Enterprise Suite for Quality Management throughout its fleet. Vantage is dedicated to building and operating offshore rigs including technologically advanced dynamically-positioned Drillships and ultra-premium Baker Marine Pacific Class Jack-ups. Its first rig "The Emerald Driller" is scheduled for completion before Christmas 2008 at the PPL Shipyard in Singapore and is subject to a two-year drilling contract. SpecTec has integrated the AMOS solution with SAP's accounting system, and will also interface with their logistics supplier. This interface required coordination with a team of SAP and business process consultants.

SembCorp Marine has signed a Sale and Purchase Agreement with PPL Holdings Pte Ltd to acquire a 50 percent equity stake comprising 10,000,000 shares of $1.00 each in PPL Shipyard Pte Ltd. (PPLS) for $16 million. PPLS' business is primarily in oil rig and vessel construction as well as steel fabrication. It has recently secured a contract for the construction of two jack-up drilling rigs, each having a value of $125 million, from Sante Fe International Corp., with a construction period of 24 months for each rig. There are also options for four additional jack-up drilling rigs to be built for Sante Fe International Corporation. Last year, PPLS delivered a semi-submersible drilling rig named Cajun Express to U.S. offshore drilling company, Transocean Sedco Forex Inc.

Six diesel-fueled Caterpillar 3616 engines will provide more than 26 MW of safe, reliable electricity to power three technologically-advanced, deepwater semisubmersible drilling rigs from Schlumberger Desco Forex. Two of these rigs are currently being built at French DCN Brest shipyard, with a third undergoing construction at Singapore-based PPL. Compared to usual semis, Sedco Express is designed with a lower center of gravity, a feature that provides more stability, increased deck load capacity and less noise. Rated at 4.4 MW of continuous power, each engine has been combined to form a completely redundant power supply and distribution system - a main factor required for DPS3 certification.

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.

PPL Shipyard, a subsidiary of SembCorp Marine has 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 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 feet in water depth and in-ground drilling depth of 30…

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.