Keppel FELS Holds Naming Ceremony for Floatel Triumph at its Singapore Yard

Singapore's Keppel Corp. Ltd. announced Friday that Keppel FELS, a wholly owned subsidiary of its unit Keppel Offshore & Marine (Keppel O&M) is on track to deliver a fifth high-specification accommodation semisubmersible (semi) to Floatel International Ltd. (Floatel) on time, on budget and with a perfect safety record.

The semi, which is built to Keppel's proprietary SSAUTM 5000NG design, was named Floatel Triumph during a ceremony held earlier today. It will be chartered by INPEX Operations Australia for work in Ichthys Field, off Western Australia.

Wong Kok Seng, managing director of Keppel O&M (Offshore) and Keppel FELS, said, "We are pleased to deliver a fifth accommodation vessel to Floatel safely, on time and on budget. As a leading designer, builder and repairer of mobile offshore rigs, we are able to provide the highest quality and most cost effective solutions that are customized to suit our clients' needs. This includes non-drilling solutions, like accommodation vessels and offshore maintenance platforms.

"Our yards remain busy for the rest of the year, with a number of deliveries in the pipeline. As we ride through this challenging period in the offshore and marine industry, we continue to work closely with our quality customers to ensure that we deliver projects to their highest satisfaction."

Developed by Keppel's Deepwater Technology Group, the SSAUTM 5000NG is an enhanced design that meets the stringent UK HSE requirements to work in the UK sector of the North Sea, as well as the Gulf of Mexico, Brazil and Western Australia. It is also equipped with state-of-the-art accommodation and recreational facilities to provide increased comfort for its 500-person crew.

Peter Jacobsson, CEO of Floatel, added, "Each of the accommodation vessels that Keppel has delivered to Floatel has been performing very well. They are uniquely designed to provide superior stability, safety and living conditions, meeting the stringent rules and regulations for worldwide operations. Just like its sister rigs, we are fully confident that Floatel Triumph will serve us well and we look forward to more win-win partnerships with Keppel.

"Despite the current challenging environment, all our vessels continue to receive strong demand and have high utilization rates. In the current oil price environment, sustaining production levels is key for oil companies, and accommodation units are required as they reduce downtime during periods of essential maintenance. Douglas Westwood forecasts that growth in the offshore accommodation market for units supporting operational activities will be sustained at 3 percent CAGR (compound annual growth rate)  from 2015 to 2020."

Keppel FELS previously delivered Floatel Superior, Floatel Reliance, Floatel Victory and Floatel Endurance, to Floatel. Floatel Reliance and Floatel Victory are also built to the SSAUTM design and the latter is currently in operations for BP at Clair Ridge Field, West of Shetland, United Kingdom. Floatel Reliance has recently completed its contract with Petrobras in Brazil. Floatel Superior and Floatel Endurance are built to Keppel's proprietary DSSTM 20NS design and have been chartered to Premier in Solan Field, United Kingdom and Chevron in Wheatstone Field, Australia respectively.

Floating accommodation platforms are needed to provide additional living quarters for drilling and production personnel. Such support is required during hook-up and commissioning in the development phase, for maintenance and upgrading during the production phase, as well as for decommissioning.

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