Sembcorp Marine’s subsidiary PPL Shipyard has secured a US$240 million contract to build a new jack-up drilling rig from BOT Lease Co., Ltd ('BOTL'), a leasing company of The Bank of Tokyo-Mitsubishi UFJ which is under the umbrella of Mitsubishi UFJ Financial Group. The contract value may be higher on additional specification requirements to be negotiated among the parties involved.

Scheduled for delivery at the end of October 2016, the new rig (to be named Hakuryu 14) will be built based on PPL Shipyard's established proprietary Pacific Class 400 (PC 400) design. This latest generation of high-specification jack-up rigs is capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 35,000 feet.

The rig design features two million pounds hook load and the latest drilling equipment for improved drilling efficiencies along with offline handling features and simultaneous operations support. It will have accommodation for 150 persons with full catering and amenities.

Tags: SembCorp Marine