Sembcorp Marine arm inks US$295.2m deal

Jurong Shipyard now has 3 options to Prosafe.

According to OCBC, Sembcorp Marine (SMM) announced that its subsidiary, Jurong Shipyard, has finalised a contract with Prosafe to build the second unit of a new generation harsh-environment accommodation semi-submersible worth US$295.2m.

Here's more from OCBC:

Scheduled for delivery no later than end Dec 2014, this unit will be based on the GVA 3000E design, similar as the first unit that was ordered in Dec 2011 (recall there were options for two additional units then, and one is now exercised with today’s announcement).

Along with this latest contract, Jurong has granted two additional options to Prosafe, who now has a total of three options. SMM has secured orders worth S$9.48b YTD, accounting for 99.7% of our full-year order win target.

Fundamentally, we remain confident of SMM’s operational capabilities, and believe that its established track record puts it in good stead to secure orders from a still buoyant industry.