Singapore: Sembcorp Secures $596 Mln Jack-Up Rig Order

Sembcorp Marine’s subsidiary Jurong Shipyard has secured a US$596 million contract for a newbuild ultra-high specification jack-up rig with option for an additional unit for use in the United Kingdom sector of the North Sea from Moble Corporation.

Representing the most advanced and versatile of its kind in the industry, this jack-up rig will be constructed based on the proven Gusto MSC CJ70 design and in line with an enhanced version of Statoil’s “Cat J” specifications. Scheduled for delivery in 1Q 2015, the ultra-high specification jack-up rig will have an air gap of 69 metres and will be capables of operating in water depths of up to 150 metres (492 feet) in harsh environment conditions, with a maximum total drilling depth capacity of 10,000 metres (approximately 33,000 feet).

Featuring design enhancements which will improve the rig’s operating capabilities, the enhanced Gusto MSC CJ70 jack-up is designed to optimize HSE focus and is uniquely suited for operations over a very large platform or in a subsea configuration in water depths of up to 150 metres in the Norwegian sector.

 William Gu, General Manager of Jurong Shipyard’s Offshore Division said: “We are very honoured to be chosen by Noble as the partner for this newbuild ultra-high specification jack-up rig. Clinching this prestigious project markets another milestone for us and attests to Jurong Shipyard’s ability to build harsher and more sophisticated drilling rigs. This further cements Jurong Shipyard’s position as a leading builder of customised rigs and affirms our commitment to provide versatile solutions to meet our customers’ diverse specifications. We thank Noble for their trust and confidence in our rig building capabilities.”

In addition to this latest rig order, Jurong Shipyard is currently constructing six F&G JU3000N class jack-up rigs worth a total of US$1.3 billion for Noble. The yard had also successfully delivered two units of Bingo 9000 ultra-deepwater semi-submersibles, the Noble Danny Adkins and Noble Jim Day, in 2009 and 2010 respectively.

The contract is not expected to have any material impact on the earnings per share and net tangible assets per share of Sembcorp Marine for the year ending December 2013.