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Keppel O&M's Order Book Swells $300M with Three New Contracts

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Keppel FELS, a wholly-owned subsidiary of Keppel Offshore & Marine (Keppel O&M), has won three contracts worth a combined $300 million from repeat customers, the company disclosed in statement late Wednesday.

The contracts are for the construction of a KFELS B Class jackup from Star Drilling, the upgrading of the semisubmersible Ensco 5006 for Ensco and the upgrading of the semisubmersible Ocean Patriot for Diamond Offshore.

For the contract with Star Drilling, the jackup will be built to Keppel's proprietary design and customized to meet the owner's operational needs in water depths of up to 350 feet for deployment in offshore India. The rig will have a drilling depth capability of 30,000 feet. Delivery of the rig is scheduled for 4Q 2014.

For the contract with Ensco, Keppel FELS' major workscope includes upgrading of the living quarters, and other contract-specific upgrades for operating in Australia on the Inpex's Ichthys project. The vessel is expected to arrive at the yard in 1Q 2014 with redelivery in 2Q 2014, after which it will be chartered to Inpex for work in Australia.

For the contract with Diamond Offshore on the Ocean Patriot, Keppel FELS will undertake the fabrication and installation of four 24-foot diameter stability columns and new lower hull inboard pontoon sponsons as well as upgrade the living quarters. Work on Ocean Patriot is expected to start in June this year, with redelivery at the end of the year. When completed, the semisubmersible will be chartered to Shell for work at the Fram field in the UK North Sea.

"We are glad to be able to continue from 2012 into2013 by adding more contracts to our orderbook. Even as we add to our new orders, we continue to deliver our projects safely, on time and on budget. Just over the last two months, we delivered four newbuild rigs by up to a month ahead of schedule," Keppel O&M's Managing Director, Wong Kok Seng, said in a statement.

Analysts predicted in January that Keppel O&M will this year realize around $4.4 billion in contract wins, the bulk of its revenue coming from delivering jackups, its traditional area of strength.

Earlier this week, Keppel O&M revealed that it was handed two contracts from repeat customers MODEC and Toyo Offshore Production Systems and SBM Offshore. The two contracts in total are worth $161 million.

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