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September 17, 2008

Sinopec orders jack-up at Singapore's PPL Shipyard

China Petroleum & Chemical Corporation (Sinopec) has ordered its first newbuild jack-up rig to be constructed outside of China. It has been ordered by subsidiary Sinopec International (Hong Kong) Co at Singapore's PPL Shipyard, a subsidiary of Sembcorp Marine.

Valued at $229 million, the order covers a PPL Shipyard Pacific Class 375 class rig set for delivery in the first quarter of 2011 to Sinopec subsidiary Shanghai Offshore Petroleum Bureau.

The high performance jack-up will be built based on PPL Shipyard's proprietary design Pacific Class 375 and proprietary components. It will be equipped to drill high pressure and high temperature wells at 30,000 feet whilst operating in 375 feet of water. It will have accommodations with full catering and amenities for 120 persons.

Mr. Tan Kim Yung, Senior General Manager in PPL Shipyard said "We are pleased that Sinopec International (Hong Kong) Co has chosen PPL Shipyard to place its first jack-up rig order. This is significant as it will be the first jack-up drilling rig to be constructed outside China for China Petroleum and Chemical Corporation. We are delighted to be part of this milestone. The Pacific Class 375 high performance and deep drilling jack-up rig continues to be a popular design, well accepted by the Industry and fetching some of the highest charter rates. To-date, a total of 27 jackup rigs have been ordered based on this design with 13 units delivered and 14 units currently under various stages of construction with deliveries till 2011."


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