Keppel
adds another rig to its rising order book
Posted: 22 March 2004
Keppel FELS has secured a US$114 million contract from Odfjell
Drilling to build a KFELS B class jackup rig.
The contract includes an option for another two units, with price
adjustment for increase in steel prices and currency fluctuations.
The design of the jackup rig is proprietary to Keppel Offshore
& Marine (Keppel O&M), the parent company of Keppel FELS.
It is capable of operating in 350 feet water depths, drilling down
to 30,000 feet and accommodating 110 men.
The new rig is scheduled for delivery in the second quarter 2006.
Since the introduction of the KFELS B design into the market in
2000, four such rigs have been completed, with four more currently
on order. This represents above 60% of the total number of similar
rigs on order worldwide during the same period.
Mr Tong Chong Heong, Managing Director and Chief Operating Officer
of Keppel O&M, said, “We are pleased that our KFELS B
class design is well received by customers and has placed us in
a strong position to take advantage of the current buoyancy in the
offshore market.”
Mr Ketil Lenning, CEO of Odfjell Drilling, said, ” We have
selected the KFELS B class for its proven design as well as Keppel
FELS’ engineering and production capabilities. We are also
emphasising the safety standards.”
Keppel FELS is the world leader in the design and construction
of jackup rigs, having built 60% of the world’s fleet on order
in the last decade. It is a wholly-owned subsidiary of Singapore-listed
Keppel Corporation Limited, through Keppel O&M.
Odfjell Drilling is a drilling and well service contractor in the
North Sea, North Atlantic market, and other selected geographical
niche areas.
The contract is not expected to have material impact on the net
tangible assets and earnings per share of Keppel Corporation for
the year ending 31 December 2004.
For more information see www.kepcorp.com
Posted by Richard Price,
Editor Pipeline Magazine
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