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April 29, 2009

Jurong seeks buyer for Petrorig I semi

Sembcorp Marine says that its wholly owned subsidiary Jurong Shipyard Pte Ltd (JSPL) has completed the construction of the semi-submersible rig, PetroRig I.

PetroRig I was ready for delivery to PetroRig I Pte Ltd, a wholly-owned subsidiary of PetroMena ASA in early April 2009.

However, as the final payment under the construction contract was not made, Jurong today terminated the contract and will proceed to sell the rig.

PetroRig I is a sixth generation ultra-deepwater semi-submersible rig built based on the Friede & Goldman Ex-D design. The rig is capable of operating in 3,000 mwater depth and harsh environment drilling conditions and is also suitable for operations in most of the world's known challenging deepwater arena.

Jurong says it is confident that it will be able to sell the rig and to recover all outstanding amounts owed. to the shipyard.


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