Sembcorp Marine calls off three Oro Negro rig contracts

Sembcorp Marine’s subsidiary PPL Shipyard has terminated contracts with Oro Negro, a Mexican drilling services provider, for the construction of three jack-up rigs. 

The contracts were with Integradora de Servicios Petroleros Oro Negro, S.A.P.I. de C.V. and its subsidiary Oro Negro Vastus.

The jack-up rigs have been technically accepted by Oro Negro but delivery of the rigs has been deferred, Sembcorp Marine explained on Wednesday.

The termination is made pursuant to the terms of the deferment agreements between PPL Shipyard and Oro Negro.

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.

The rigs were built based on PPL Shipyard’s proprietary Pacific Class 400 design. This type of a jack-up rig is capable of operating in deeper waters of 400 feet and equipped to drill high pressure and high temperature wells to depths to 30,000 feet. It is equipped with accommodation for 150 persons.

Starting from late 2012 until July 2013, Oro Negro ordered a total of six jack-up rigs of Pacific Class 400 from PPL Shipyard. Out of these six rigs, only three have been built and delivered to its owner. According to information on Oro Negro’s website, the jack-up Fortius was built in 2013 while the other two jack-ups, Decus and Impetus, were built in 2014.

In related news, a little over a month ago, PPL Shipyard also cancelled contracts for the construction of two rigs with Perisai Petroleum. These rigs were also built based on the PPL Pacific Class 400 design.

Offshore Energy Today Staff

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