Dec 22, 2010
Sembcorp Marine’s Jurong Shipyard Secures US$400 million Contract to Build Two Premium Jackup Rigs with Options for Another Four Jackup Rigs from Noble Corporation
Singapore, December 22, 2010: Sembcorp Marine’s subsidiary Jurong Shipyard has secured two turnkey contracts with a combined value of up to US$400 million to build two jackup rigs with options for another four jackup rigs from a subsidiary of Noble Corporation. If all four of the options are exercised, the total estimated value of the six jackup rigs is expected to be in the region of US$1.2 billion.
Scheduled for delivery in the fourth quarter of 2012 and second quarter of 2013 respectively, these two new turnkey units will be built based on the upgraded Friede & Goldman JU2000E design to be named Friede & Goldman JU3000N. These rigs will be suitable for operations in many challenging environments, including high temperature areas such as the Middle East and in the North Sea..
The new JU3000N design is the result of the combined development efforts of Jurong Shipyard, Noble and Friede & Goldman in creating an enlarged hull that will offer more operational benefits, including ergonomic and efficient accommodation layout, increased deck space and placement of equipment that will allow the crew to efficiently and safely carry out maintenance duties. On completion, these new rigs will be capable of operating in waters of 400 feet and drilling depths of 30,000 feet..
Mr Don Lee, Senior General Manager, Jurong Shipyard’s Offshore Division said “We are pleased that Noble has again chosen to partner Jurong Shipyard in their fleet expansion programme to be one of the largest operators of modern high specification jackup drilling rigs. We are proud of this enhanced Friede & Goldman JU3000N design, which is the brainchild of Noble and Jurong Shipyard working closely in partnership with designer Friede & Goldman. The confidence in this new rig design and its capabilities could lead to more of such orders.”.
“Noble is excited to have entered into this arrangement with our proven partner, Sembcorp Marine,” said Mr David W. Williams, Chairman, President and Chief Executive Officer, Noble Corporation. “We look forward in confidence to the timely delivery of this new generation of advanced rigs which will be some of the most capable and competitive in the world.”.
The contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2010.
Noble is a leading offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 71 offshore drilling units (including six drilling rigs currently under construction), located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, West Africa and Asian Pacific. Noble also owns and operates a dynamically positioned floating production, storage, offloading vessel. Noble's shares are traded on the New York Stock Exchange under the symbol "NE". Additional information on Noble Corporation is available via the worldwide web at http://www.noblecorp.com/.
About Jurong Shipyard.
Jurong Shipyard, a fully-owned subsidiary of Sembcorp Marine, is a leading shipyard offering integrated services and customized solutions in ship repair, shipbuilding, ship conversion, rig building and offshore engineering to a world-wide clientele. Apart from its proven track record in the building and servicing of jack-up and semi-submersible rigs, Jurong Shipyard is also a global leader in the EPC conversion of tankers to floating production storage and offloading units (FPSOs), floating storage tankers (FSOs) and floating production units (FPUs).
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