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June 21, 2005

Petrojack exercises option for third jackup rig/b>

Singapore's SembCorp Marine says that its wholly owned subsidiary, Jurong Shipyard has secured its third rig building contract ,worth US$131 million, from Petrojack ASA for the construction of a Baker Marine Pacific Class 375 Deep Drilling Offshore Jack-up Rig.

The construction contract is the second option rig that Jurong Shipyard granted to Petrojack ASA in December 2004 and which Petrojackhas now decided to exercise.

The contract takes effect in August 2005.

Construction of the jack-up rig is expected to commence in the fourth quarter of 2005 with delivery scheduled in the fourth quarter of 2008.

The Baker Marine Pacific Class (BMC Pacific) 375 Deep Drilling Offshore Jackup Rig is a proprietary design of SembCorp Marine's subsidiary, PPL Shipyard Ltd. The jack-up rig, to be named Petrojack III will be equipped with a drilling package that will enable it to drill high pressure and high temperature wells at 30,000 feet whilst operating in 375 feet of water. It has accommodations for 120 persons,

Petrojack III will be SembCorp Marine's tenth jack-up rig on order.

Don Lee, Senior General Manager of Offshore Division said: "Petrojack III will be the third jack-up rig on order by Petrojack ASA.

"The jack-up rig will be identical to the other two jack-up rigs currently under construction in Jurong Shipyard.

Berge Gerdt Larsen, owner and board member of Petrojack ASA said: "The Board of Petrojack ASA is very pleased with the relationship and cooperation extended by Jurong Shipyard and its parent SembCorp Marine. With the robust offshore oil and gas market, we are confident that these three premium jack-up rigs will enhance our ability to serve our customers."

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