PPL Shipyard cancels two jack-up contracts

AUGUST 31, 2017 — Singapore's Sembcorp Marine Ltd reports that its wholly-owned subsidiary, PPL Shipyard Pte Ltd, has terminated two contracts with the subsidiaries of Perisai Petroleum Teknologi Bhd, for the construction of two jack-up rigs following the expiry of existing deferment agreements.

The jack-up rigs are drilling rigs that were built based on the PPL Pacific Class 400 design. They have efficient drilling equipment, offline handling features and simultaneous operations support. These high specification rigs are capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 30,000 feet. They will be equipped with full hotel services for a complement of 150 persons on board in one-man cabins and two-men cabins.

The company continues to actively market the rigs to prospective buyers who have expressed interest in the rigs.

The transaction is not expected to have any material impact on the net tangible assets and earnings per share of the company for the year ending December 31, 2017.

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