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Keppel FELS Wins Contract to Build Two Jackup Rigs from Pemex

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Keppel FELS, the rigbuilding arm of Keppel Offshore and Marine, will build two KELS-B Class proprietary jackups worth $420 million for a subsidiary of Mexico's national oil company, Petroleos Mexicanos (Pemex).

In a statement released late Wednesday, the company said that both of the rigs are scheduled to be delivered to Pemex Exploracion y Produccion in 1Q 2015 from Keppel FELS Singapore yard.

Maybank Kim Eng's investment analyst Yeak Chee Keong noted in an offshore sector update in November that Keppel O&M will continue to enjoy pricing power in the current competitive offshore environment, given the tightening rig market and the company's reputation as a premium and reliable yard.

"We are seeing more enquires from Mexico for new rigs and we believe that our FELS B Class jackup design is well suited to meet the requirements of the Mexican market," Keppel O&M's and Keppel FEL's Managing Director Wong Kok Seng said in the statement.

Last week, Sembcorp Marine – the second largest rig builder in Singapore – secured two turnkey contracts, worth $434 million, for the construction of two rigs from Mexico's Integradora de Servicios Petroleros Oro Negro. The latter also took delivery of the first of two KELS B-Class jackups from Keppel FELS.
 

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