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Keppel wins S$990 million deal from Maersk for four jackups
Posted: 16 March 2005
Keppel FELS Ltd (Keppel FELS), a wholly-owned subsidiary of Keppel Corporation through Keppel Offshore & Marine Limited (Keppel O&M), has secured contracts worth over S$990 million from A.P. Moller - Maersk A/S (Maersk) to build four jackup rigs.
The four new high efficient jackup rigs are of the CJ 50 design from Marine Structure Consultants. They can operate in water depths of up to 350 feet, and drill high-pressure wells of down to 30,000 feet.
The first rig is expected to be completed in fourth quarter 2007, while the rest will be delivered consecutively in half-yearly intervals thereafter.
Mr Jess Soderberg, Chief Executive Officer of Maersk, shared, “We are looking forward to working with Keppel FELS on these technically advanced high efficiency jackup projects.”
Keppel FELS and its sister company, Caspian Shipyard Company, successfully designed, constructed and completed Maersk’s semisubmersible rig, the Maersk Explorer, in Baku, Azerbaijan, in 2003. This project showcased Keppel’s technological expertise, execution capability and commitment to deliver quality products on time and within budget, even under extreme and difficult environments. The excellent relationship between Maersk and Keppel FELS also contributed to the successful completion.
Mr Choo Chiau Beng, Chairman & Chief Executive Officer of Keppel O&M, said, “This is the largest series of jackup contracts that Keppel FELS has secured from a customer at any one time.
“We are pleased that Maersk continues to choose Keppel as their partner of choice to participate in their offshore fleet expansion programme.”
Keppel FELS is the world leader in the design and construction of jackup rigs, having built over 60% of the world’s fleet on order in the last decade.
Its parent company, Keppel O&M is a global leader in offshore rigs and ship conversion and repair as well as a specialised shipbuilder. Keppel O&M’s near market, near customer strategy is bolstered by a global network of 16 yards in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be a provider of choice and a partner in solutions for the offshore and marine industry.
The A.P. Moller - Maersk Group, based in Copenhagen, Denmark, is a major international enterprise with activities covering diverse areas such as shipping, exploration and production of oil and gas, shipbuilding, aviation, industry and retail. The Group Fleet comprises more than 250 vessels with a total deadweight of about 12,000,000 tons and includes container vessels, tankers, car carriers, supply ships, special vessels and drilling rigs.
The contract secured is not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year ending 31 December 2005.
Posted by Editor Pipeline Magazine
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