Keppel FELS to Build Another Jackup for US$129 Million

Keppel FELS has secured a US$128.8 million contract for the construction of a KFELS B Class jackup rig for Seatankers Management Co Ltd.

Mr. Michael Chia, Executive Director, Keppel FELS Ltd, said, "Outlook for offshore rig market looks very positive with utilization rates rising faster than anticipated in the last one year. As the industry expects the market to tighten further, there is growing interest in rig building, particularly in the drilling jackup market.

"We are happy to benefit from this trend, and our response to the current market environment is to stay on course in providing quality products and services to all our customers on time and on budget.

"We will keep focusing on excellent and innovative project execution for every individual order."

The jackup, built to Keppel FELS' proprietary design, incorporates the latest design and engineering concepts. It is capable of drilling down to 30,000 feet in water depths of up to 400 feet.

The growing offshore market has seen a growing demand for the KFELS B Class jackup rigs, which is well received by the market.

Since its introduction in year 2000, five KFELS B Class jackups have been gainfully deployed.

The new rig for Seatankers, when delivered in third quarter 2007, will add to Keppel's track record of 16 KFELS B Class rigs in total in the market.

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 2005.

Keppel FELS is a wholly owned subsidiary of Keppel O&M, the offshore and marine division of Keppel Corporation. It is a global leader in offshore rigs and ship conversion and repair as well as a specialized shipbuilder. Its 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.

Seatankers Management Company Limited is responsible for the management, control and daily co-ordination of the various activities of Greenwich Holdings Group.

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