PPL Shipyard secures order for a jack-up rig worth US$208m from Perisai
Sembcorp Marine’s subsidiary PPL Shipyard has secured a repeat order to build a second Pacific Class 400 jack-up rig worth US$208 million from Perisai (L) Inc, a wholly-owned subsidiary of Perisai Petroleum Teknologi Bhd, the company reports.
Scheduled for delivery in the second quarter of 2015, the second jack-up rig will be built based on PPL Shipyard’s proprietary Pacific Class 400 design with similar specification to the first jack-up unit, now named Perisai Pacific 101, secured in May 2012. 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, the Managing Director of Perisai Petroleum Teknologi Bhd said “We are delighted to have PPL Shipyard as the builder of our second jack-up rig unit. We are pleased with the progress of Perisai Pacific 101, our first unit currently under construction at the shipyard and look forward to strengthening this close cooperation with the building of our second rig unit. We are confident that PPL Shipyard will achieve the timely deliveries of both rigs and meet our stringent requirement for quality, safety and reliability.”
Mr Douglas Tan, Managing Director in PPL Shipyard said “We are very pleased that Perisai has chosen to order the second 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.”
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.
PPL Shipyard, a subsidiary of Sembcorp Marine, is an integrated rig design and rig building yard with proven track record in the building and servicing of jack-up and semisubmersible rigs. To-date, the shipyard has built 52 jack-ups, 6 semi-submersibles and 4 swamp barges. Its flagship Pacific Class 375 jack-up design saw a total of 27 units delivered. In 2010, the shipyard launched the enhanced PPL Pacific Class 400 series which saw a total of 9 rigs ordered and to-date, a total of 4 units have since been delivered.
Perisai (L) Inc. is a wholly-owned subsidiary of Perisai Petroleum Teknologi Bhd, a Malaysia based upstream oil & gas service provider listed on the Malaysian stock exchange of Malaysia. The Perisai Group owns a fleet of strategic oil & gas vessels and facilities supporting the exploration, development and production phases of offshore oil & gas fields both in and out of Malaysia. The Perisai Group continues to focus on its area of strength by seeking continuing investments in value adding, earnings accretive, strategic offshore oil & gas vessels and facilities.
