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Santa Fe International Corp News

02 Apr 2001

$8.8 Million Grants SembCorp 50 Percent Of PPL

SembCorp Marine Ltd (SCM), Singapore's largest ship repairer, said on Monday it acquired a 50 percent stake in Singapore-based PPL Shipyard Pte Ltd for S$16 million ($8.8 million). The purchase would be financed through internal funds, it said in statement to the Singapore Exchange. PPL is involved in the oil rig, vessel construction and steel fabrication businesses. It recently secured a contract for the construction of two jack-up drilling rigs, worth $125 million each, from Santa Fe International Corp. "PPL has established a strong track record in rig buildings and our acquisition will give us a foothold in this business," a company official said. The acquisition was not expected to have a material impact on the earnings and net tangible assets of SCM.

17 Mar 2000

ABN AMRO Raises 2001 Earnings Estimates For Offshore Drillers

ABN AMRO raised its 2001 earnings estimates for several offshore drillers and said the oil service industry was in the early stages of a multiyear growth phase. "We are raising our 2000 and 2001 upstream capital spending growth estimates,'' analyst Asit Sen said in a research note. "We note that our views are above the latest consensus expectations. To reflect higher-than-previously expected day rates/utilization rates, we are also raising our 2001 earnings estimates and price targets," he said. "We believe that the sector is in the early stages of a multiyear growth phase. Accordingly, we would use any periods of significant near-term weakness as buying opportunities," he added.

05 Jul 2001

ABB lands $42M contract with Santa Fe Intl.

ABB, the leading innovator in podded propulsion systems, has struck a landmark deal to supply its new compact podded propulsion system on a semi-submersible drilling rig. Santa Fe International Corp. has awarded a $42 million contract to ABB in Norway for the supply of electric propulsion systems and power plants to two new semi-submersible drilling rigs. In addition, the contract includes an option for a further two rigs. The two new deepwater rigs, of Friede & Goldman ExD design, will be built by PPL Shipyard PTE Ltd. of Singapore with delivery of the first rig scheduled for late 2003. ABB's delivery to each rig includes a complete package solution consisting of generators…

02 Mar 2000

Offshore Stocks Flying High As Boom Nears

It appears that the long awaited, much antipated and greatly debated offshore boom part II is prepared to launch again, as offshore drilling stocks surged on Thursday as U.S. crude oil prices hit a fresh nine-year high of $32.15 a barrel, fueling a second day of strong gains on Wall Street for the oilfield services sector. Drilling stocks across the board were flying high, some posting high single and low double digit gains for the day. At mid-day R&B Falcon Corp. was 1-1/2 higher at 18-1/8 and Santa Fe International Corp. was up 3 at 32-15/16 -- gains of roughly 9 and 10 percent respectively. It was the second straight day of substantial gains for oilfield services stocks…