As part of the contract, PPL will build the new rig based on its established proprietary Pacific Class 400 design.
The design will feature the latest generation of high-specification jack-up rigs that will allow the rig to operate in deeper waters of 400ft and drill high pressure and high temperature wells to depths of nearly 30,000 ft.
The rig is said to include the latest drilling equipment for improved drilling efficiencies, along with offline handling features and simultaneous operations support.
Scheduled to be delivered at the end of January 2015, the rig will have increased accommodation and feature full catering and amenities for about 150 crew.
Japan Drilling will co-ordinate the project and provide the project management team during the rig construction phase.
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PPL Shipyard managing director Douglas Tan said that twelve Pacific Class 400 series jack-ups have already been ordered, while six units have been delivered and operating in West Africa, Gulf of Thailand, Qatar and the Middle East.
"The jack-up rig order is a reflection of the optimism that the owner has in the jack-up rig market and an endorsement of PPL Shipyard’s design capabilities, efficient project execution and track record for quality and timely deliveries," Tan added.
In December 2012, PPL Shipyard had received two turnkey contracts, which are valued at $434m, to build two jack-up rigs for Integradora de Servicios Petroleros Oro Negro.
The company secured a rig building contract worth $208m in May 2012 from a unit of Malaysia’s Perisai Petroleum Teknologi, Perisai, to construct a Pacific Class 400 jack-up drilling rig.
Image: Pacific Class 400 series jack-ups can operate in deeper waters of 400ft. Photo courtesy of freedigitalphotos.