Queiroz Galvao Places Order for Semisub with Keppel FELS

Keppel FELS has secured a US$385 million repeat order to build a semisubmersible drilling rig for Brazilian drilling contractor group Queiroz Galvao Oleo e Gas (QGOG). This price excludes the drilling and subsea equipment which will be supplied by QGOG.

To be named Alpha Star, this deepwater platform will be built to the DSS 38 design jointly developed by Keppel O&M's technology arm Deepwater Technology Group and Marine Structures Consultants of The Netherlands.

This latest rig is a repeat order of the first semisubmersible, Gold Star, which was awarded to Keppel FELS in August 2006. Gold Star will support Petrobras' growth plans whilst Alpha Star may be deployed in either offshore West Africa or South America, when they are delivered in the second half of 2009 and of 2011 respectively.

Mr. Tong Chong Heong, Managing Director/Chief Operating Officer of Keppel O&M said, "The repeat semisubmersible order speaks volumes of QGOG's deepening confidence in us, and the growing acceptance of our proprietary DSS 38 design.

"I am glad that QGOG has chosen us as a choice partner for their newbuild program. Keppel O&M is in good stead to add value to Brazil's offshore sector."

An innovative and cost-effective design, the DSS 38 semisubmersible drilling rig is designed to meet the operational requirements in the deepwater "Golden Triangle" region, comprising Brazil, Africa and the Gulf of Mexico.

The DSS 38 is rated to drill to depths of 30,000 feet below mud line in just over 9,000 feet water depth. It is 103.5 meters in overall length, with a main deck size of 69.5 meters by 69.5 meters. Its operational displacement is approximately 38,000 tonnes.

The DSS 38 has accommodation facilities to house a crew of up to 130 men. It has both vertical and horizontal riser storage. The eight 3000kW Azimuthing thrusters configuration are designed to keep the vessel in position. All configurations comply with the American Bureau of Shipping Dynamic Positioned System (DPS-2) requirements.

Besides the two DSS 38 for QGOG, Keppel FELS is also constructing three DSS 21 rigs for Maersk Contractors and one DSS 51 rig for Transocean. The DSS series of semisubmersbile rigs is jointly designed by Keppel O&M's Deepwater Technology Group and Marine Structures Consultants of The Netherlands.

Queiroz Galvao Oleo e Gas is a Brazilian oil and gas exploitation and production company committed to the development of Brazil's oil activities and seeking to expand internationally.

Keppel FELS is a wholly-owned subsidiary of Keppel Corporation Limited through Keppel O&M, which a leader in offshore rigs, shiprepair and conversion as well as specialised shipbuilding. Keppel O&M's near market, near customer strategy is bolstered by a global network of 20 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 the earnings per share of Keppel Corporation Limited for the current financial year.

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