DECEMBER 6, 2012 — Sembcorp Marine's PPL Shipyard subsidiary has secured two turnkey contracts with a combined value of US$434 million for the construction of two jack-up rigs for Mexico's Integradora de Servicios Petroleros Oro Negro, S.A.P.I. de C.V ("Oro Negro").
Scheduled for delivery in fourth quarter 2013 and first quarter 2014, the rigs will be built based on PPL Shipyard's proprietary PPL Pacific Class 400 design. They will be capable of operating in deeper waters of 400 feet and equipped with the latest drilling equipment for improved drilling efficiencies with offline handling features and simultaneous operations support. They will be equipped to drill high pressure and high temperature wells to depths of 30,000 feet. They will have increased accommodations, with full catering and amenities for 150 persons.
Mr. Gonzalo Gil, Co-CEO of Oro Negro said "We are delighted to have PPL Shipyard as the builder of these two jack-up rigs given its long standing reputation in the design and construction of offshore rigs, especially jack-up rigs. Our company was founded on the basis of capitalizing on the promising future of the offshore market in Mexico. Once these jack-up rigs become operational, Oro Negro will become a leading player in premium jack-ups in the Mexican market."
Mr. Douglas Tan, Managing Director in PPL Shipyard said "We are honored that Oro Negro has entrusted PPL Shipyard with the construction of two offshore drilling units. The jack-up rig order is a reflection of the optimism that the owner has in the jack-up rig market and in particular our design and our ability to deliver on schedule and within budget."