Jurong Shipyard eyeing a total of US$1.2bln worth of contracts from Noble Corp.

Sembcorp Marine’s subsidiary is looking forward to supplying four more jackup rigs for the offshore drilling contractor in addition to the two it has agreed to build for US$400mln.

In a statement, Sembcorp Marine said that if all four of the options are exercised, the total estimated value of the six jackup rigs is expected to be in the region of US$1.2 billion.

The two turnkey units are scheduled for delivery in the fourth quarter of 2012 and second quarter of 2013 respectively.

The rigs will be built based on the upgraded Friede & Goldman JU2000E design to be named Friede & Goldman JU3000N and will be suitable for operations in high temperature areas such as the Middle East and in the North Sea.

On completion, the new rigs will be capable of operating in waters of 400 feet and drilling depths of 30,000 feet.

Don Lee, Senior General Manager, Jurong Shipyard’s Offshore Division said, “We are pleased that Noble has again chosen to partner Jurong Shipyard in their fleet expansion programme to be one of the largest operators of modern high specification jackup drilling rigs."

“Noble is excited to have entered into this arrangement with our proven partner, Sembcorp Marine,” said David W. Williams, Chairman, President and Chief Executive Officer, Noble Corporation. “We look forward in confidence to the timely delivery of this new generation of advanced rigs which will be some of the most capable and competitive in the world.”

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, 2010.

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