Keppel FELS Limited (Keppel FELS) has secured a repeat order from Transocean Offshore Deepwater Holdings Ltd, a subsidiary of Transocean Ltd. (Transocean) for US $195 million.
Following its order of two jackup rigs from Keppel FELS on February 17, 2011, Transocean is exercising its option to build another high specification jackup rig based on the KFELS Super B Class Bigfoot design for delivery in 3Q 2013.
Mr. Wong Kok Seng, Managing Director of Keppel FELS said, "We are pleased that Transocean has chosen to exercise their option in building another jackup rig to our proprietary design. We have developed a winning collaboration with Transocean over the years through numerous projects. In working with forward thinking customers, we are able to customize innovative products well suited to meet the needs of the market."
Tailored to suit Transocean's requirements, the KFELS Super B Class Bigfoot is designed with larger spud cans, expanding its operational coverage to more places, especially areas where soft soil is predominant. Having larger spud cans enables the unit to operate efficiently while minimizing potential leg penetration problems in soft soil conditions.
With a 1.5 million pound drilling system and a maximum combined cantilever load of 3,200 kips, the Super B Class Bigfoot features immense horsepower during drilling operations. In addition, the rig will be installed with offline stand building features in its drilling system package which allows drilling and the preparation of drill pipes to take place at the same time. The rig is capable of drilling at a 75 feet outreach, allowing for coverage of a larger well pattern.
Keppel FELS and Transocean have shared a long-standing partnership spanning several significant projects. In 2009, Keppel delivered Transocean's Development Driller III, an ultra-deepwater drilling semisubmersible rig built to Keppel's proprietary DSSTM 51 semisubmersible design. Other projects include upgrades and conversions of the Sedco 700-series semis to enable dynamic positioning, and the repair of various Transocean rigs.
The above contract is not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.
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