Find out more!

February 7, 2006

Sinvest exercises rig option at PPL

Deep Drilling Invest Pte Ltd, a wholly owned subsidiary of Sinvest ASA of Norway, has exercised an option with PPL Shipyard, a subsidiary of Singapore's SembCorp Marine, for the construction and delivery of a Baker Marine Pacific Class 375 deep drilling offshore jack-up rig at a contract price of US$141.1 million.

Construction of the rig is expected to commence in the first quarter of 2006 with delivery scheduled in the third quarter of 2008.

The Baker Marine Pacific Class 375 Deep Drilling Offshore Jack-Up Rig is a proprietary design developed and owned by Baker Marine Pte Ltd, a subsidiary of PPL Shipyard.

The rig is equipped with a drilling package that will enable it to drill high pressure and high temperature wells at 30,000 feet whilst operating in 375 feet of water. It has accommodations for 120.