Keppel Secures Second Rig Order from India

KFELS B Class jackup rig
(Click to Enlarge)
Keppel FELS has secured a second order for a KFELS B Class jackup rig valued at US$184 million from Jindal Group based in India.

The agreement is signed with Jindal Pipes Limited and includes the design, engineering and construction of the rig as well as costs in getting the rig operationally ready.

Like the first rig, this new jackup will be built to Keppel's proprietary design, which has been further customized to meet the owner's operational needs in water depths of up to 350 feet. It is readily upgraded to 400 feet water-depth when required. It will have a drilling depth capability of 30,000 feet and can accommodate 112 persons. The rig is due for delivery in end 2008.

Keppel FELS is a wholly-owned subsidiary of Keppel Corporation, through Keppel Offshore & Marine, a leader in offshore rigs, ship repair and conversion and specialized shipbuilding. Keppel O&M's 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.

Jindal Pipes Limited is one of the flagship companies of Jindal Group. The Group has its presence in Indian Oil & Gas Sector successfully providing Oilfield Services as also supplying API Line Pipes, Seamless Casings and Tubings etc.

The contract is not expected to have material impact on the NTA or the earnings per Keppel Corporation share for FY2006.

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