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Sembcorp Marine's Jurong Shipyard and Prosafe sign contract for a 2nd accommodation semi-submersible at US$295.2 million
Monday, Nov 19, 2012

Sembcorp Marine's subsidiary Jurong Shipyard (JSPL), and Prosafe have finalised a contract for JSPL to build the second unit of a new generation harsh-environment accommodation semi-submersible worth US$295.2 million. This follows the Letter of Intent announced by Sembcorp Marine and Prosafe earlier in October this year.

Scheduled for delivery no later than end of December 2012, this accommodation semi-submersible (semi) will be built based on the GVA 3000E design, a similar design as the first unit, the Safe Boreas, presently under construction in Jurong Shipyard. This is Prosafe's second accommodation semi with JSPL, following the first order contracted in December 2011.

Along with the latest contract, JSPL has granted two additional options for Prosafe for further newbuilds. Including the option previously granted last year, Prosafe will now have a total of three options for accommodation semi newbuilds at JSPL. The accommodation semis for the two additional options can be designed for either the Norwegian Continental Shelf or for world-wide operations outside of Norway.

Featuring the latest technology, the GVA 3000E design accommodation semi is capable of operating gangway connected in deep water and in harsh environments alongside fixed platforms, floating platform and floating production and offloading vessels, with a full complement of deck cranes and fire-fighting capabilities.

The 450-person capacity Dynamic Positioning 3 (DP3) unit with 12 point mooring will be built in compliance with stringent Norwegian Offshore healthy and safety standards and is suitable for harsh environment operations in the Norwegian Continental Shelf.

Mr William Gu, General manager in charge of Jurong Shipyard's Offshore Division, said: "We are heartened that Prosafe has chosen us to construct a second harsh-environment accommodation semi-submersible rig following their award of a similar unit in December last year. This repeat order is an affirmation of the strong foundation of trust and synergy between Jurong Shipyard and Prosafe. We are grateful for their confidence in our offshore newbuilding capabilities and we will continue to work closely with the Prosafe team to grow our partnership from strength to strength."

Mr Karl Ronny Klungtvedt, Chief Executive Officer of Prosafe, said: "We are pleased to continue our partnership with Jurong Shipyard with this second harsh-environment accommodation semi-submersible unit as part of our offshore fleet expansion in the high-end accommodation market segment. I am confident that both the Prosafe and Jurong Shipyard project teams will leverage on the close cooperation and strong teamwork to achieve the timely construction of these accommodation semi-submersibles while meeting the stringent standards of quality, safety and reliability."

The contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2012.

About Prosafe SE

Prosafe is the world's leading owner and operator of semi-submersible accommodation/service rigs. The company operates globally, employs 500 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.

Source: Sembcorp

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