Singapore, July 12, 2010 : Sembcorp Marine wishes to announce that its whollyowned subsidiary, Jurong Shipyard Pte Ltd (JSPL) has signed a contract to sell the CJ- 70 harsh environment jack-up drilling rig under construction in JSPL to a subsidiary of Seadrill Ltd.
The sale price at US$356 million is based on the construction status of the rig with delivery scheduled no later than end April 2011. On delivery, the harsh environment jack-up rig will be on a five (5) year charter to Statoil.
The rig was originally ordered for construction by another owner, which in 2009 went into liquidation. JSPL terminated this contract in September 2009 as no further payments were received under the said contract.
The above transaction will have a positive contribution to the earnings per share of Sembcorp Marine for the year ending December 31, 2010 arising from the resumption of revenue and profit recognition.
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