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October 27, 2005

Jurong books $422.7 million rig order

Singapore's SembCorp Marine today announced that the Letter of Intent that was signed between its subsidiary, Jurong Shipyard Pte Ltd and PetroRig I/PetroMena ASA under management by Larsen Oil & Gas (LOG) to build a semi-submersible rig is now effective at a contract value of US$422.7 million.

The contract has been signed with PetroRig I Pte Ltd, a company incorporated in Singapore and a wholly owned subsidiary of PetroMena ASA.

The contract value is US$22.7 million higher was originally announced at the time of signing of a letter of intent on August 3.

Under the contract, Jurong Shipyard will build the 6th generation ultra-deepwater semi-submersible drilling rig based on the Friede & Goldman Ex-D-design.

The semi-submersible rig is capable of operating in challenging deepwater arena and is also engineered for stability and versatility with operational displacement of 43,400 metric tons at 17 metres draft and 46,750 metric tons at 20 meters draft. The Construction Contract takes effect in November 2005 with delivery scheduled not later than January 2010.