Keppel Finalizes Contract with Diamond for Jackup Construction

Keppel FELS reports that the US$300 million contract for the construction of two KFELS B Class (Super) jackup rigs with subsidiaries of Diamond Offshore Drilling, Inc. has been signed.

This follows the Letter of Intent signed between the two companies and announced on May 3, 2005.

These two high-performance premium jackup rigs will be for 350-ft water depth, capable of drilling depths of up to 35,000 ft with a hook load capacity of two million pounds and a cantilever reach of 70 ft.

Under the agreement, the Ocean Shield will be constructed in Singapore, and the Ocean Scepter in Keppel AmFELS in Brownsville, Texas, USA.

Delivery of both units is anticipated to be in the first quarter of 2008.

Keppel FELS is the world leader in jackup rigs, having built over 60% of the world's fleet on order in the last decade. It is a wholly owned subsidiary of Singapore-listed Keppel Corporation Limited, through Keppel Offshore & Marine Ltd.

Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling. The Company's fleet of 45 offshore drilling rigs consists of 30 semisubmersibles, 14 jackups and one drillship.

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