Here's proof that Singapore yards are winning over Chinese, Korean rivals

Sembcorp leading Singapore's jack-up segment.

According to DBS, Sembcorp Marine won US$596m contract for a newbuild ultra-high specification jack-up rig for deployment in the United Kingdom sector of the North Sea from Noble Corporation.

DBS noted that Sembcorp won this contract against another finalist, South Korea’s Daewoo Shipbuilding & Marine Engineering. This win demonstrates Singapore rigbuilders' competitive strength in the jack up segment.

"Recall that Daewoo made a debut in early March through its participation in the bidding for Statoil's newbuild order and raised concerns of greater competition from Korean peers in addition to the Chinese yards," said DBS.

Here's more:

We believe the jack up order is backed by a firm charter contract secured by Noble from Norwegian operator Statoil, which was announced last week. Contract price for the rig is a tad higher than the US$560m for a similar rig secured by Keppel in Jun 2012 from Maersk, also to be chartered to Statoil.

In addition to this latest rig order, Jurong Shipyard is currently constructing six F&GJU3000N class jack-up rigs worth a total of US$1.3 bn (secured in 2010 and 2011) for Noble.

The yard has also successfully delivered two units of Bingo 9000 ultra-deepwater semisubmersibles the Noble Danny Adkins and Noble Jim Day, in 2009 and 2010 respectively.

Also Read

Institution of Engineers sets up new board to promote faster chartership registration

Hanwha raises offer to $0.67 to acquire full control of Dyna-Mac Holdings

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit