Marco Polo ventures into the jack-up sector at PPL Shipyard

Singapore: Marco Polo Marine has expanded into the jack-up market, ordering a $214.3m rig at PPL Shipyard for delivery late next year. The contract comes with options for two more rigs which would be delivered in 2016 and 2017.
 
The high-specification jack-up rigs will be constructed based on PPL Shipyard’s proprietary Pacific Class 400 design which is capable of operating in waters of up to 400 ft and drilling high pressure and high temperature wells to depths of up to 30,000 ft.
 
Sean Lee, Marco Polo’s group ceo, remarked that: “The signing of the agreement with PPL Shipyard is an epochal moment as it marks the start of a significant leap forward in terms of our operations and service offerings.”
 
He noted that almost half of the existing global fleet of jack-ups are more than 30 years old.
 
“It is our intention that we establish this new aspect of rig ownership and chartering business as a core division,” Lee said. [27/02/14]

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