Sembcorp Marine Bags $208M Jackup Deal with Perisai

Sembcorp Marine disclosed late Thursday that its subsidiary, PPL Shipyard, has won a $208 million contract to build a second Pacific Class 400 jackup for Perisai.

Scheduled for delivery in 2Q 2015, the jackup is capable of operating in deeper waters of 400 feet and drilling high pressure and high temperature wells to depths of 30,000 feet. The jackup will be able to accommodate 150 people on board.

Sembcorp Marine delivered its first Pacific Class 400 jackup to Perisai in May last year.

"We are very pleased that Perisai has chosen to order the second Pacific Class jackup with us. This repeat order is a reflection of the optimism that the owner has in the jackup market," PPL Shipyard's Managing Director Douglas Tan said in a statement.

Analysts said this week that the outlook for Sembcorp Marine this year is optimistic.

"We see compounded annual growth rate earnings of 16 percent for Sembcorp Marine over the next three years, supported by its $11 billion orderbook," Maybank Kim Eng said in a research note Wednesday.

DBS Group Research noted Thursday that Sembcorp Marine's performance this year will offset an anticipated performance slack of parent company Sembcorp Industries.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

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