SembMarine unit PPL Shipyard acquires second rig from Seadrill to sell to potential buyers

Sembcorp Marine says subsidiary, PPL Shipyard, has exercised its right to acquire the second unit of the jack-up drilling rig West Elara from Seadrill Limited.West Elara is currently under construction in the shipyard and is built based on the PPL Pacific 375 Deep Drilling Jack-up design.
The rig is due for completion in September 2010.
With this acquisition, PPL would have the flexibility to deal with the potential buyers who are interested in the jack-up rig.
PPL will pay a sum of US$10.8 million ($15 million) for the acquisition.
The first jack-up unit, the West Leda, which PPL is currently constructing for Seadrill is progressing on schedule with progressive payment received on time.
The above is not expected to have any material impact on the net tangible assets and earnings per share of Sembcorp Marine for the year ending December 31, 2009.