Published September 9, 2008
SembMarine unit bags rig job worth US$425m
The 2 rigs, of Pacific Class 375 design, are set for delivery in 2010, 2011
By VINCENT WEE

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SEMBCORP Marine unit PPL Shipyard's proprietary Pacific Class 375 drilling rig continues to attract customers as it yesterday signed a US$425 million contract with Egyptian Offshore Drilling Company (EODC) for two of the jackups for delivery in 2010 and 2011.

Majestic giant: The Pacific Class 375 rig is equipped to drill high pressure and high temperature wells at 30,000 feet whilst operating in 375 feet of water
The first unit is scheduled to be delivered at the end of the fourth quarter of 2010 while the second unit will be delivered by end of the first quarter of 2011. On their respective deliveries, the rigs will be contracted to EODC for their offshore operations in Egypt.
The pair of high performance jack-up rigs will be built based on the Pacific Class 375 design and will be equipped to drill high pressure and high temperature wells at 30,000 feet whilst operating in 375 feet of water. They will have accommodation with full catering and amenities for 120 people.
'We are pleased that EODC has entrusted PPL Shipyard with the construction of its two offshore drilling units for its joint venture company. We envisage that EODC will increase their fleet in the near future in view of the demand for offshore drilling off Egypt. To date, a total of 26 units of Pacific Class 375 has been ordered with 13 units delivered and 13 units currently under various stages of construction with deliveries till 2011,' said PPL senior general manager Tan Kim Yung.
Another major Egyptian national oil company, Egyptian Drilling Company - a joint venture with AP Moller-Maersk - has previously also ordered two of the same Pacific Class 375 rigs. They are scheduled for delivery next year and in 2010.
Gradually declining oil production and the prospect of becoming a net oil importer has boosted exploration activities in the main Gulf of Suez and Nile Delta concessions in the last few years.
The contract is not expected to have any material impact on the net tangible assets and earnings per share of Sembcorp Marine for the year ending Dec 31, 2008. This latest deal brings SembMarine's net order book to $10.2 billion.
SembMarine stock closed 21 cents higher at $3.44 yesterday.