Keppel Amfels Secures US$174 Million Contracts for Two Jackups

Keppel AmFELS, the US wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M) has signed contracts for the construction of two jackups with Scorpion Offshore of Houston, Texas.

The contract price for the two rigs, excluding Owner Furnished Equipment, is approximately US$174 million.

These are the first two rigs of the Scorpion fleet, and are expected to be delivered in 2007 and 2008 respectively.

Keppel AmFELS and Scorpion Offshore are also currently in discussion for an option for a third rig.

Based on the proven LeTourneau Super 116 design, the rigs will have leg lengths of 477 ft and will be capable of drilling to 30,000 ft deep in water depths of 350 ft. The rigs have been designed to readily accept operator-desired upgrades for even deeper waters and drilling depths.

Keppel AmFELS had constructed rigs based on the LeTourneau 116 design. These rigs, the Chiles Columbus and Chiles Magellan (renamed ENSCO 74 and ENSCO 75), are currently operating successfully in the Gulf of Mexico.

Said Mr. Tong Chong Heong, Chairman of Keppel AmFELS and Managing Director/Chief Operating Officer of Keppel O&M, "Keppel AmFELS has an extensive track record in the construction of jackup rigs. I am glad that Scorpion has entrusted us the task of building their first two rigs, which I am certain we will complete on time, on budget and with the highest safety records."

Keppel AmFELS is located in Brownsville, Texas. Established in 1990, Keppel AmFELS is the most well equipped offshore shipyard in the Gulf of Mexico. The yard engages in the construction, refurbishment, conversion, life extension and repair of a complete range of mobile drilling rigs and platforms. Its comprehensive facilities are first class, including a drydock capable of docking the largest semisubmersible drilling units, and a modern steel processing plant.

A wholly owned subsidiary of Keppel Corporation, Keppel O&M is the global leader in offshore rigs and shiprepair and conversion as well as a specialised shipbuilder. Its near market, near customer strategy is bolstered by a global network of 17 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 the provider of choice and partner in solutions for the offshore and marine industry.

Scorpion Offshore is a Houston based private company which engages primarily in building rigs to meet technically demanding customer requirements.

The transaction is not expected to have a material impact on the NTA or the net earnings per Keppel Corporation share for FY2005.

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