Sembcorp Marine’s subsidiary PPL Shipyard has secured a repeat order to build a third Pacific Class 400 jack-up rig worth US$211.5 million from Perisai (L) Inc, a wholly-owned subsidiary of Perisai Petroleum Teknologi Bhd.
Scheduled for delivery in the third quarter of 2016, this third jack-up rig will be built based on PPL Shipyard’s proprietary Pacific Class 400 design with similar specification as the first and second jack-up rig units, named Perisai Pacific 101 and Perisai Pacific 102, secured in May 2012 and February 2013 respectively. Incorporating the latest drilling equipment for improved drilling efficiency, offline handling features and simultaneous operations support, this high specification rig is capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 30,000 feet. The rig will be equipped with full hotel services for a complement of 150 persons on board in 1-man cabins and 2-men cabins.
En. Izzet Ishak, Managing Director of Perisai Petroleum Teknologi Bhd said “We are indeed delighted to have PPL Shipyard, our trusted partner yard, as the builder of our third jack-up rig. The order of the first jack-up rig, the Perisai Pacific 101, propelled our initial thrust into the offshore drilling segment of the market with specific focus in Malaysia and broadly in the Asia Pacific region. Perisai Pacific 102 will broaden our asset offerings to our clients and add economies of scale to our drilling operations. This third jack-up rig order will further strengthen Perisai’s position as an offshore drilling operator and is poised to meet the strengthening global demand for jack-up drilling rigs. We are pleased with the progress of our rigs currently under construction and we are confident that PPL Shipyard will achieve the timely deliveries of our rigs and meet our stringent requirement for quality, safety and reliability.”
Wong Teck Cheong, Managing Director of PPL Shipyard said “We are very pleased that Perisai has chosen to order the third Pacific Class jack-up rig with us. This repeat order is a reflection of the optimism that the owner has in the jack-up rig market. It is also an endorsement of our design and our ability to deliver on schedule and within budget. Our proprietary ownership of this design offers us the flexibility to provide custom-design turnkey solutions to meet the unique requirements of our clients and the field operators. Since the launch of our Pacific Class 400 series in 2010, a total of 15 jack-up rigs have been ordered and to-date 7 units have been delivered and are in operations.”
The contract is not expected to have any material impact on the consolidated net tangible assets and earnings per share of Sembcorp Marine for the year ending December 31, 2013.
Press Release, December 31, 2013