Sembmarine cancels US$600m jack-up deals with Oro Negro

Singapore

SEMBCORP Marine's rig-building unit PPL Shipyard has called off contracts estimated to be worth a total of more than US$600 million with Mexican oilfield services company Integradora de Servicios Petroleros Oro Negro, SAPI de CV and its subsidiary, Oro Negro Vastus Pte Ltd, for three jack-up rigs.

The three jack-ups are among half a dozen that Oro Negro placed with PPL Shipyard between early 2012 and late 2013, before oil prices collapsed in the second half of 2014.