SembCorp Marine sells PetroRig I semi-submersible rig to Diamond Offshore

Tuesday, June 9, 2009

SembCorp Marine (SMM) says its subsidiary Jurong Shipyard has accepted the bid by Diamond Offshore Services Company, a related company of Diamond Offshore Drilling Inc to purchase the PetroRig I semi-submersible rig . The sale is expected to be completed by end-June.

SMM has not disclosed the purchase price, but we think it should be higher than the last offer price of US$450m made by an international drilling contractor to PetroRig I Pte Ltd in Mar 09.

The sale proceeds should cover the unpaid sum (50% of US$423m shipyard contract) due to Jurong Shipyard.


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