Sembcorp Marine subsidiaries secure $222 million worth of contracts

Sembcorp Marine said on Monday that its subsidiaries Sembmarine SLP and Jurong Shipyard Pte Ltd have secured offshore energy related contracts valued at a combined $222 million. -- PHOTO: SEMBCORP MARINE
Sembcorp Marine said on Monday that its subsidiaries Sembmarine SLP and Jurong Shipyard Pte Ltd have secured offshore energy related contracts valued at a combined $222 million. -- PHOTO: SEMBCORP MARINE

SINGAPORE - Sembcorp Marine said on Monday that its subsidiaries Sembmarine SLP and Jurong Shipyard Pte Ltd have secured offshore energy related contracts valued at a combined $222 million.

Sembmarine, which is 70% owned by Sembcorp Marine, has been awarded a contract to design and build the offshore substation platform for the Dudgeon Offshore Wind Farm. The contract has been granted by Siemens Transmission & Distribution Limited, which was awarded the contract for the Electrical System Infrastructure by the wind farm's developer Dudgeon Offshore Wind Limited, a joint venture between Norwegian Energy firms Statkraft and Statoil.

SLP will work closely with Siemens and will be responsible for the design, engineering, procurement, project management and construction of the platform's jacket substructure and topside. The Offshore Transformer Station (OTS) will be constructed at SLP's yard in Lowestoft on the Suffolk coast.

Sembmarine managing director Paul Thomson said: "One of SLP's main objectives has been to apply its long experience in designing and building offshore platforms for the oil & gas industry to the offshore wind business."

"The Dudgeon platform will be a new generation OTS based on our early success with the Thanet substation previously delivered to Siemens. We look forward to making this another successful SLP project delivered safely, fully complete and on time and one of many future offshore substations that we build in Lowestoft."

Jurong Shipyard, meanwhile, has been contracted by regular customer MODEC Offshore Production Systems (Singapore) Pte Ltd, to complete the repair and life extension, and conversion of a Very Large Crude Carrier (VLCC) into a Floating Production Storage and Offloading (FPSO) vessel. This is the twenty-second FPSO conversion project which Jurong Shipyard is working on with MODEC.

The contracts are not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2014.