Sembcorp Marine’s Jurong Shipyard Bags Drillship Contracts

Sembcorp Marine’s subsidiary Jurong Shipyard and a subsidiary of Transocean Ltd (Transocean) have signed two contracts, each worth $540 million, to build two drillships with options for three additional units.

Scheduled for delivery in 2Q 2017 and 1Q 2018, the drillships will be built based on Jurong Shipyard’s proprietary Jurong Espadon III design which represents the next generation of high specification drillships with advanced capabilities for operational efficiency and ultra-deepwater development drilling operations worldwide. Specifically designed for enhanced drilling operations, the drillships are equipped with state-of-the-art drilling facilities, a large moon pool to cater for a larger riser angle and bilge boxes designed for superior motion characteristics. The drillships also feature larger deck space with enclosed riser bay and round mud pits inside the hull for operational efficiency and safety. Equipped with DP-3 (Dynamic Positioning Class 3) capabilities, the drillships will be capable of operating at 12,000 ft water depth and drilling to depths of 40,000 ft, with accommodation facilities for a crew of 220 personnel.

Mr William Gu, General Manager of Jurong Shipyard’s Offshore Division said: “We are pleased that Transocean has chosen Jurong Shipyard as a strategic partner to build their drillships with us. We would like to thank Transocean for selecting us and for their confidence in our Jurong Espadon III design and capabilities.”

Transocean currently owns and operates six drilling rigs built by Sembcorp Marine’s yards, including three jack-ups and one semi-submersible delivered by PPL Shipyard and two semi-submersibles built by Jurong Shipyard.

The contracts are 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, 2014.

Sembcorp Marine, February 27, 2014

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