Jurong Shipyard gets rig contract

SEMBCORP MARINE   JURONG SHIPYARD   CONTRACT

Singapore - Jurong Shipyard, a subsidiary of Sembcorp Marine, has secured a US$385.5 million (S$488 million) contract to build a semi-submersible well intervention rig from Helix Energy Solutions Group Inc.

Helix, a provider of subsea well intervention services from the US, tasked Jurong Shiyard to build a rig based on Bassoe Technology's naval architectural design with Helix's equipment layout.

The rig is an efficient purpose-designed platform to perform tasks including conventional and extended top hold drilling, subsea construction, decommissioning well intervention, coiled tubing operations and twin Remotely Operated Vehicle (ROV) deployment.

The rig is scheduled for delivery on January 2015.

"This rig is Jurong Shipyard's first specialised platform with well intervention and subsea capabilities and represents a significant advance for us in this growing new market segment," Don Lee, senior general manager of Jurong Shipyard's offshore division, said.

The contract is not expected to materially impact Sembcorp Marine's consolidated net tangible assets per share and earnings per share.

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