Published September 8, 2009

Sembcorp unit delivers rig early

By VINCENT WEE

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THE smooth flow of deliveries by Sembcorp Marine continues, with its PPL Shipyard yesterday delivering the third of four jack-up rigs for Vantage Drilling two months ahead of schedule - after payment in full.

Piling on the work: Early delivery of the Aquamarine Driller has allowed US-listed Vantage Drilling to clinch an early charter contract for the rig off West Africa; PPL is expected to deliver a fourth rig to the company in the final quarter of this year

Early delivery of the Aquamarine Driller has allowed US-listed Vantage Drilling to clinch an early charter contract for the rig off West Africa. The company last week announced a letter of intent for a US$17.3 million contract for a four-well programme there starting in December. The job duration is estimated at five months and Vantage has options to drill two additional wells.

PPL previously delivered two rigs to Vantage that are now working off Thailand and West Africa. It is expected to deliver a fourth rig to the company in the final quarter of this year.

All the rigs are of Sembmarine's proven Pacific Class 375 design. This design has been well received by the offshore oil and gas industry, with a total of 27 units ordered so far. Since 2006, 18 units have been delivered and are operating worldwide.

The Pacific Class 375 is an independent leg, cantilever jack-up rig that can drill to 30,000 feet and operate in water up to 375 feet deep.

Vantage Drilling last month raised about US$70.1 million from selling 48.4 million new shares at US$1.55 each. The proceeds from this offer helped fund the final payment for the Aquamarine Driller. The remainder will be used for general corporate purposes and as working capital.