Sembcorp Marine Secures $434 Million Contract to Build Two Jack-Ups for Mexico’s Oro Negro

A subsidiary of Sembcorp Marine Ltd. (S51.SG) has secured a contract worth US$434 million to construct two jack-up rigs for Mexico’s Integradora de Servicios Petroleros Oro Negro, the Singapore offshore equipment firm said Friday.

The rigs are scheduled for delivery in the fourth quarter of 2013 and the first quarter of 2014. They will be built by Sembcorp Marine subsidiary PPL Shipyard in Singapore.

The jack-up rigs will be built based on PPL Shipyard’s proprietary design, the PPL Pacific Class 400. These new rigs will be capable of operating in deeper waters of 400 feet and equipped with the latest drilling equipment for improved drilling efficiencies with offline handling features and simultaneous operations support. It will be equipped to drill high pressure and high temperature wells to depths to 30,000 feet. The rig is equipped with increased accommodation with full catering and amenities for 150 persons.

-Martin Vaughan of Dow Jones Newswires contributed to this article.