Daily news - 9 Jun

SembMarine unit sells PetroRigI rig to Diamond
Sembcorp Marine unit Jurong Shipyard has finally completed the sale of PetroRig I's semi-submersible rig to Diamond Offshore Services Company, a related company of major deepwater drilling services contractor Diamond Offshore Drilling. SembMarine declined to give details of the sale except to say it is expected to be completed by end-June. Industry website Upstream Online, citing sources, reported last Friday the rig builder received five bids for the rig - from Seadrill, Noble Drilling, Stena Drilling, Diamond Offshore and a Brazilian contractor. It also said four of the five bidders offered more than US$450 million. PetroRig I is believed to have owed SembMarine over US$200 million on the US$454 million rig 1 when it defaulted on its final payment in April. SembMarine then put the rig on the market, as it was entitled to do under its contract. PetroRig I tried to block the sale by filing a preliminary restraining order in the bankruptcy court in New York.

ST Electronics wins $100m SAF contract
Singapore Technologies Engineering (ST Engg) has been awarded a contract worth over $100 million to supply advanced military technology to the Singapore Armed Forces (SAF). The award is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group for the current financial year, ST Engg said yesterday. The project, awarded to its electronics arm ST Electronics, is expected to be completed by 2012. The contract is to provide an Advanced Combat Man System (ACMS) to the SAF. The ACMS is a 3rd Generation Networked Warrior system fully equipped with advanced C4I (Command, Control, Communications, Computers and Intelligence) and network capabilities. The ACMS is a joint development effort that started in 1998 among the Defence Science and Technology Agency, the Singapore Armed Forces (SAF) and ST Electronics with the support of Singapore Technologies Kinetics.

Source: Kim Eng