Jurong Shipyard rights tilted rig

JANUARY 15, 2013 — Sembcorp Marine reports that Jurong Shipyard has successfully restored and floated Noble Regina, the jack-up rig that tilted on December 3, 2012, to its original upright position following planned recovery and restoration operations on January 14, 2013 (see earlier story).

Following the successful restoration of the jack-up rig to its upright position, Jurong Shipyard and the relevant authorities will focus on investigations into the cause of the tilting. Repairs and restoration work will commence upon lifting of the stop-work order.

The jack-up rig which was originally scheduled for delivery in first quarter 2013 will be rescheduled for a later delivery date. Pending on the assessment, the estimated delivery would be by the end of third quarter 2013.

The repairs and rescheduling in the delivery of the jack-up rig are not expected to have any material impact on the net tangible assets and earnings per share of Sembcorp Marine for the year ending December 31, 2013.