Jurong Shipyard Exercises Right to Sell Petrorig I

Sembcorp Marine's wholly-owned subsidiary, Jurong Shipyard Pte Ltd (JSPL), has completed the construction of the semisubmersible rig, Petrorig I. Petrorig I was ready for delivery to Petrorig I Pte Ltd, a wholly-owned subsidiary of PetroMENA ASA in early April 2009. However, as final payment was not made to JSPL under the construction contract, JSPL has terminated the contract today.
In accordance to its rights under the contract, Jurong Shipyard will proceed to sell the rig.
Petrorig I is a 6th generation ultra-deepwater semisubmersible rig built based on the Friede & Goldman Ex-D design. The rig is rated to work in water depths up to 3,000 meters and is also outfitted for harsh environment drilling conditions. The unit is also suitable for operations in most of the world's known challenging deepwater arenas.
Based on best known information, Jurong Shipyard is confident that it will be able to sell the rig and to recover all outstanding amounts owed to the shipyard. The event will not have any material impact on Sembcorp Marine.