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New Shipyard Alliance

      7/18/2000

New Shipyard Alliance

FirstWave announced that it has added a new alliance to its growing global network of shipyards. First Wave and PPL Shipyard Pte Ltd have formed an alliance to offer more options and greater costs savings to customers in the area of rig construction. Building on FirstWave's recently announced alliance with A&P Group UK, the alliance between FirstWave and Singapore-based PPL creates another node in FirstWave's global shipyard network.

The PPL alliance will capitalize on the multi-site facilities and expertise of both companies in offshore rig new construction and complex conversions. It will allow both companies to integrate marketing and share project management expertise for the delivery of new construction and conversion services on opposite sides of the globe. "In the areas of offshore rig repair, conversions and new construction, our companies have considerable mutual strengths. This alliance combines these strengths for the benefit of our customers and gives them more options for successful projects," said PPL Shipyard Managing Director T.K. Ong.

Grady Walker, FirstWave president and COO, added, "This is a significant expansion of the network, with a focus on offshore rig new construction and conversions. PPL has the proven experience, know-how and track record for these kinds of projects, as they again demonstrated with their delivery of the Transocean Sedco Forex fifth-generation semisubmersible `Cajun Express' on time and on budget."

FirstWave provides repair, conversion, new construction, and related services for offshore rigs, barges, boats, ships and other vessels in the offshore energy and marine industries. PPL Shipyard specializes in the design and construction of offshore drilling rigs including jackups and semisubmersibles. The company is also known for repair, upgrades and modifications of existing rigs.


 

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