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Mr Sean Lee Yun Feng, Group CEO of Marco Polo Marine said "The signing of the agreement with PPL Shipyard is an epochal moment as it marks the start of a significant leap forward in terms of our operations and service offerings. Together with the grant of the two option units, we are delighted to work together with PPL Shipyard as it is one of the most highly regarded shipyards globally. We are confident of the on-time and quality delivery of high specification rigs from PPL Shipyard backed by its strong track record." Mr Wong Teck Cheong, Managing Director of PPL Shipyard said "We are honoured that Marco Polo Marine has chosen and entrusted PPL Shipyard with the construction of its maiden offshore drilling rig. The jack-up rig order signifies the owner's confidence in the jack-up rig market and their trust in our proven rig design and ability to deliver quality rigs on schedule and within budget. We have secured a total of 44 orders for the Pacific Class design jack ups since 2004, with 35 units delivered and in operation. Our proprietary ownership of the Pacific Class design offers us the flexibility to provide custom-design turnkey solutions to meet the unique requirements of our clients and the field operators. Since the advent of the Pacific Class design, we have built rigs for several clients venturing into the offshore drilling business and today they are well established offshore drilling rig owners and contractors. We are impressed with Marco Polo Marine's strong management and foresight and we are confident that they will reap success in this new aspect of rig ownership and chartering business." Barring unforeseen circumstances, Sembcorp Marine expects a positive contribution to the earnings from the contract. However, the contract is not expected to have any material impact on the consolidated net tangible assets per share of Sembcorp Marine for the year ending December 31, 2014. About Sembcorp Marine Sembcorp Marine is a leading global marine and offshore engineering group with 50 years of experience and proven capabilities in repair, specialised shipbuilding, building of high specification jack-up rigs, fast-track construction of ultra-deepwater semi-submersible rigs, conversion of floating production and storage facilities as well as the engineering and construction of offshore platforms. Headquartered in Singapore, Sembcorp Marine has a network of six shipyards in Singapore – Jurong Shipyard, Sembawang Shipyard, SMOE, PPL Shipyard, Jurong SML and Sembmarine Integrated Yard @ Tuas – with strategic presence spanning Indonesia, China, India, United Kingdom and Brazil. The Group’s 73.3-hectare Sembmarine Integrated Yard @ Tuas in Singapore commenced operations in August 2013. About PPL Shipyard 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 semi-submersible rigs. To-date, the shipyard has built 56 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 17 rigs ordered and 8 units delivered to-date. About Marco Polo Marine Ltd Listed on the Mainboard of the SGX-ST since 2007, Marco Polo Marine Ltd is a reputable regional integrated marine logistic company which principally engages in shipping and shipyard businesses. The shipping business of the Group relates to the chartering of Offshore Supply Vessels (“OSVs”) for deployment in the regional waters, including the Gulf of Thailand, Malaysia, Indonesia and Australia, as well as the chartering of tug boats and barges to customers, especially those which are engaged in the mining, commodities, construction, infrastructure and land reclamation industries. The shipyard business of the Group relates to ship building as well as the provision of ship maintenance, repair, outfitting and conversion services which are being carried out through the Group’s shipyard in Batam, Indonesia. Sembcorp Marine press release |
Sembcorp Marine's PPL Shipyard Starts 2014 with a US$214.3 Million Jack-up Rig Order with Options for Another Two Jack-up Rigs from Marco Polo Marine