PPL Shipyard Pens $214.3 m Rig Deal

Marco Polo Marine’s wholly-owned subsidiary, Marco Polo Drilling (I) Pte. Ltd. (MP Drilling), today entered into a rig construction contract with PPL Shipyard Pte Ltd (PPL), a subsidiary of Sembcorp Marine Limited.

The contract is for the construction of a high-specification jack-up rig based on PPL’s proprietary Pacific Class® 400 design.

The new rig, estimated to be worth $214.3 million, is scheduled for delivery in the fourth quarter of 2015.

In addition, PPL has granted an option to MP Drilling, for the second and third unit to be delivered in the third quarter of 2016 and first quarter of 2017.

[mappress]
marcopolo, February 26, 2014