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PPL Shipyard sells rig to Transocean

Singapore: PPL Shipyard is selling a jack-up rig to Transocean for $195m. The rig already under construction at the Singapore yard is being built to a Pacific Class 400 design and due for delivery fourth quarter of 2011. The rig will be capable of operating in waters of 400 feet and drill to depths of 30,000 feet. "We are pleased that Transocean has chosen PPL Shipyard as a strategic partner in this contract," said Benety Chang, deputy chairman of PPL Shipyard. [16/11/10]

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