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.