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4-Traders Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  SembCorp Industries Limited    SCIL   SG1R50925390

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SembCorp Industries : Sembcorp Marine's Jurong Shipyard Secures a US$568 Million Contract to Build a Harsh-environment Ultra-deepwater Semi-submersible Drilling Rig from North Atlantic Drilling Limited Read more

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04/03/2012 | 08:08am CEST

Sembcorp Marine's subsidiary Jurong Shipyard has secured a US$568 million contract to build a harsh-environment ultra-deepwater semi-submersible rig from North Atlantic Drilling Limited, a 74 percent owned subsidiary of Seadrill Limited ("Seadrill").

The new rig will be constructed based on the Moss Maritime CS60 design - an enhancement of the Moss Maritime CS50E MKII harsh-environment ultra-deepwater semi-submersible rigs West Pegasus and West Leo which were delivered by Jurong Shipyard to Seadrill in March 2011 and January 2012 respectively. Delivery is scheduled no later than the first quarter of 2015.

This new ultra-deepwater harsh-environment semi-submersible rig will be built for a water depth rating of 10,000 feet with a maximum drilling depth of 40,000 feet. It will be an N-Class compliant 6th generation rig capable of maintaining position dynamically in deepwater and with thruster assisted mooring in shallow water in the North Sea and the Barents Sea. The rig is also engineered and winterized to carry out year-round drilling operations in such areas.

Mr Don Lee, Jurong Shipyard's Senior General Manager of Offshore Division, said: "We are very pleased to partner with North Atlantic Drilling in their drive to be the leading harsh-environment drilling company with high-quality premium drilling rigs. This Moss Maritime harsh-environment ultra-deepwater CS60 rig is an enhancement of the two Moss Maritime CS50E rigs that Jurong Shipyard recently delivered to Seadrill. In addition, we have successfully delivered to Seadrill four units of turnkey ExD Friede & Goldman Millennium Class ultra-deepwater semi-submersible rigs and a Gusto MSC CJ70 harsh-environment jack-up rig."

"With offshore drilling moving towards deeper waters and harsher environments, we are confident of leveraging on these emerging opportunities with our proven track record in the building of high-specification ultra-deepwater rigs. We are fully committed to the timely delivery of this Moss Maritime CS60 harsh-environment semi-submersible entrusted to us while meeting stringent quality, safety, health and environmental standards. We will continue to build on this strong partnership to achieve win-win synergy going forward."

Mr Alf C. Thorkildsen, Chief Executive Officer in North Atlantic Management AS and Chairman of the Board of North Atlantic Drilling Ltd, said: "We are pleased to have entered into this arrangement with our proven and trusted partner Jurong Shipyard to grow our fleet of harsh-environment rigs. The combination of historical high oil prices and significant exploration successes for our customers in mature as well as frontier areas has increased the demand for quality high specification rigs. This environment has created a dynamic investment opportunity for our company to grow its activities and create further value for its shareholders."

The contract is 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, 2012.

About North Atlantic Drilling
North Atlantic Drilling is a leading offshore harsh environment drilling company in which Seadrill currently holds a 74 percent ownership interest. The Company has following the announced harsh environment semi-submersible newbuild order, a fleet of six harsh environment units in operation and two newbuilds under construction. North Atlantic Drilling is currently listed on the N-OTC list in Norway, but has initiated the process of listing its shares in the US with a targeted commencement of trading during third quarter 2012.

About Seadrill
Seadrill is a leading offshore deepwater drilling company. The Company operates a versatile fleet of 63 rigs (including 15 rigs under construction) for operations in shallow to ultra-deep waters in harsh and benign environments. Seadrill is listed on the New York Stock Exchange and the Oslo Stock Exchange.

About Jurong Shipyard
Jurong Shipyard, a wholly owned subsidiary of Sembcorp Marine, is a leading shipyard offering integrated services and customised solutions in ship repair, shipbuilding, ship conversion, rig building and offshore engineering to a worldwide clientele.  Apart from its proven track record in the building and servicing of jack-up and semi-submersible rigs, Jurong Shipyard is also a global leader in the turnkey conversion of tankers to floating, production, storage and offloading units (FPSOs), floating storage tankers (FSOs) and floating production units (FPU). The yard has demonstrated its strong turnkey expertise in semi-submersible construction, with the successful deliveries of four turnkey Friede & Goldman ExD Millennium Class ultra-deepwater semi-submersible rigs (West Sirius, West Taurus, West Orion and West Capricorn), two Moss Maritime CS50E MKII harsh environment ultra-deepwater semi-submersibles (West Pegasus & West Leo) and a harsh environment Gusto MSC CJ70 150A jack-up rig (West Elara) to Seadrill. In addition to the new Moss Maritime CS60 harsh-environment ultradeepwater semi-submersible, the yard is also building a Gusto MSC CJ70 150A harshenvironment jack-up (West Linus) for North Atlantic Drilling Ltd and two Friede & Goldman JU2000E high-specification jack-ups (West Tucana and West Castor) for Seadrill.

For media and analysts enquiries, please contact:
Ms Judy Han
Senior Vice President
Investor Relations & Communications
Tel : (65) 62627203
Fax : (65) 62610738
Email : judy@sembcorpmarine.com.sg
Website : www.sembcorpmarine.com.sg

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This press release was issued by SCI - SembCorp Industries Ltd. and was initially posted at http://www.sembcorp.com/en/news_detail.aspx?NewsID=931 . It was distributed, unedited and unaltered, by noodls on 2012-04-03 08:02:10 AM. The issuer is solely responsible for the accuracy of the information contained therein.

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Financials ( SGD)
Sales 2016 7 942 M
EBIT 2016 760 M
Net income 2016 473 M
Debt 2016 5 986 M
Yield 2016 3,65%
P/E ratio 2016 9,40
P/E ratio 2017 9,18
EV / Sales 2016 1,31x
EV / Sales 2017 1,29x
Capitalization 4 379 M
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Mean consensus HOLD
Number of Analysts 16
Average target price 3,07  SGD
Spread / Average Target 25%
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Kin Fei Tang Group President, CEO & Executive Director
Kong Hua Ang Chairman
Chiap Khiong Koh Group Chief Financial Officer
Keng Boon Siah Chief Technology Officer
Mohammed Hassan Marican Independent Non-Executive Director
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