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July 12, 2010

Seadrill buys harsh environment jack-up building at Jurong

Sembcorp Marine subsidiary, Jurong Shipyard Pte Ltd (JSPL) has signed a contract to sell an under-construction CJ-70 harsh environment jack-up drilling rig to a subsidiary of Seadrill Ltd. for $356 million.

The rig was originally ordered by Petropod of Norway, which went into liquidation last year.

The sale price is based on the construction status of the rig, with delivery scheduled no later than end April 2011.

On delivery, the rig will be on a five year charter to Statoil.

The CJ-70 harsh environment drilling rig is based on the proven MSC CJ-70 design. Suitable for operations in the Norwegian North Sea, the rig is one of the world's largest jack-up rigs, with each leg, including footings, measuring 205 meters in length. The unit has the ability to operate in water depth up to 150 meters and offers a higher variable deck load and a higher operating efficiency in comparison with previous jack-up generations. Its size allows for additional opportunities within such areas as logistics, well testing and early production.

Mr Wong Weng Sun, Managing Director of Jurong Shipyard said "This project is another significant milestone for Jurong Shipyard as rigs constructed for the North Sea are typically more challenging as it is one of the world's harshest offshore environments. This is a new foray for us as we are now making our presence in the Norwegian Continental Shelf, a quality-stringent area where high standards are applied. We have established a partnership for success with Seadrill, having successfully delivered three turnkey units of Ex-D Friede & Goldman deep-water semi-submersible rigs to Seadrill. We value our partnership with Seadrill and will continue to perform and build upon this success for the years to come."

Mr. Alf C. Thorkildsen, Chief Executive Officer of Seadrill Management AS said "We have selected a product and more importantly a shipyard that we believe in. I would like to congratulate Jurong Shipyard on this contract as we look forward to the delivery of the first of this class jack-up rig."


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