The new rig is slated for delivery in the third quarter of 2010.
Mr. Choo Chiau Beng, Chairman & CEO of Keppel Offshore & Marine Limited, parent company of Keppel FELS, said, "The repeat order for the KFELS N Class is reflective of a requirement for a high-end drilling rig with capabilities to address technical issues in the exploration and development of fields in very harsh environments such as the North Sea."
Mr. Bjarne Skeie, Chairman of Skeie Group, "There is an increasing demand for more sophisticated and innovative rigs to meet new challenges in the development of oil and gas fields in the North Sea region. The KFELS N Class jackup rig, with its superior specifications, is highly capable of meeting these challenges while setting a new benchmark for operations in the North Sea.
"There is a great potential for sustained and stable investment in the region, and the timing is right given the abundant opportunities."
Characterized by severe wind gusts and waves over 30 meters high, the North Sea is one of the world's most challenging areas for oil and gas exploration and production.
Developed by Keppel's R&D arm, Offshore Technology Development, the KFELS N Class jackup rig will provide customers the flexibility of having a unit that can undertake drilling and production activities concurrently for exploitation in marginal fields. Capable of operating in water depths of up to 430 feet and drilling depths of down to 35,000 feet, the rig will have features to readily accept process modules for production activities. The design is in full compliance with the demanding and technical challenging requirements of rigs operating in the Norwegian sector of the North Sea.
When completed, the KFELS N Class rigs will be the largest jackup rigs ever to be built in Singapore. It will also be among the world's largest jackup rigs to be constructed for the North Sea.
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.
The contract is not expected to have any material impact on the net tangible assets or earnings per share of Keppel Corporation for the financial year ending December 31, 2007.
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