Sembcorp Marine’s unit PPL Shipyard has signed a US$195m contract to sell a jack-up rig, already under construction, to Transocean. The rig is scheduled for delivery in the 4Q11 in 12 months. The high-spec rig is a prototype able to operate in waters 400 feet and drill to depths of 30k feet…
SMM is confident for the demand for new high-spec builds in the future. Supporting that is news that Transocean has left 4 out of 10 older models of high spec and 27 out of 55 other jack ups idle. Kim Eng has maintained a Buy with TP $5.40.
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