Sembcorp Marine's Sembawang Shipyard clinches Diamond Princess upgrade contract

Princess Cruises also becomes a long-term partner.

Sembawang Shipyard, a wholly-owned subsidiary of Sembcorp Marine, announced that it has secured the upgrading of 115,875 grt passenger ship Diamond Princess from Princess Cruises, USA.

Based in Santa Clarita, Princess Cruises is one of the leading brands within Carnival Corporation, a global cruise company and one of the largest vacation companies in the world, with an impressive portfolio of leading cruise brands.

Mr John Gunner, Senior Vice President, Technical, Princess Cruises said “We are very pleased with the recent retrofit to our Sun Princess by Sembawang Shipyard. The Shipyard’s team has shown dedication and commitment working closely with our team and successfully completing the revitalization work in a timely manner and to a high QHSE standard expected for all Princess dockings. As such, we are pleased to award the upgrading of Diamond Princess to Sembawang Shipyard. Princess Cruises is also pleased to come onboard the long-term Favoured Customer Contract which Carnival Corporation has with Sembawang Shipyard for our future dockings in Singapore. We look forward to a good partnership in the years ahead which will enhance the results of our docking and revitalization program.”

“We are very pleased to be chosen by Princess Cruises for the upgrading of Diamond Princess and welcome Princess Cruises as a long-term partner of Sembawang Shipyard. We thank Princess Cruises for the support and the confidence in our Shipyard,” said Mr P K Ong, Managing Director of Sembawang Shipyard.

The Diamond Princess is scheduled to enter Sembawang Shipyard on 12 March 2014.

The above contract is not expected to have any material impact on the earnings per share and net tangible assets per share of Sembcorp Marine for the year ending December 31, 2013.