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May 26, 2005

Another jackup order for PPL

The jackup rig construction market remains red hot.

Singapore's SembCorp Marine today said that its subsidiary, PPL Shipyard has secured a rig building contract worth US$130 million from Japan Drilling Co., Ltd (JDC) for the construction of a Baker Marine Pacific Class 375 Deep Drilling Offshore Jack-up Rig.

Construction of the jack-up rig is expected to commence in the third quarter of 2005 with delivery scheduled in the first quarter of 2008.

Meantime, from Oslo, Norway, came news that a private placement of shares announced yesterday by Petrojack ASA has been "significantly oversubscribed."

Petrojack ASA is a company formed by Norwegian Berge Gerdt Larsen, founder of Larsen Oil & Gas AS, chairman and main shareholder in DNO ASA (a Norwegian Oil Company listed on the Oslo Stock Exchange).

It is building a Baker Marine Pacific Class 375 at Sembcorp Marine's Jurong Shipyard and has options for two more. The proceeds from the private placement will partly fund construction of the first of these optioned rigs.

The Baker Marine Pacific Class 375 Deep Drilling Offshore Jackup Rig is a proprietary design of Baker Marine Pte Ltd., a subsidiary of PPL Shipyard. The rig is capable of operation in water depths up to 375 feet and has a rated drilling depth of 30,000 feet with accommodation for 120 men.

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