Keppel Tapped to Build Vietnam's First Semisub Drilling Tender

Keppel was contracted to build Vietnam's first semi-submersible drilling tender for about US $200 million. PV Drilling has issued a Letter of Award to Keppel FELS for the proven KFELS SSDT 3600E design. The formal contract for the rig is expected to be finalized shortly in December 2009. Targeted for delivery in the fourth quarter of 2011, this tender assist rig will be built to Keppel's award-winning KFELS SSDT 3600E design.

Tong Chong Heong, CEO of Keppel Offshore & Marine (Keppel O&M), parent company of Keppel FELS, said, "We are pleased that PV Drilling has chosen to reinforce our strong partnership with a contract to build a landmark rig for them.

"They have made the right choice in selecting the KFELS SSDT 3600E, which has a proven track record for operational performance and Health, Safety and Environment. We are confident that this rig will perform to their highest satisfaction, and look forward to deliver her on time, within budget and without incidents."

Developed by Keppel O&M's Deepwater Technology Group (DTG), the KFELS SSDT 3600E design has revolutionised the way in which drilling tenders work, allowing them to be deployed next to deepwater floating platforms for the first time. This groundbreaking series, with their enhanced capabilities, can operate and maintain station keeping in deep waters of up to 5,000 ft alongside Spars and Tension Leg Platforms.

Highly suitable for offshore Vietnam's harsh environment, the KFELS SSDT 3600E features an 8-point mooring system, which allows the rig to maintain its position amidst currents of up to 6 knots.

The KFELS SSDT 3600E was conferred the Shell Rig Award in 2004 and 2006. In 2009, the design was recognized by the Institution of Engineers Singapore for its eco-friendly features, which have contributed significantly to sustainable operations, as well as the safety and well-being of rig crew.

With a proven track record, this versatile design has gained momentum in the international market for its resilience and suitability for operations in a variety of challenging environments across the world. Keppel FELS has delivered five such units since 1994, all of which have been deployed in both shallow and deep waters off Southeast Asia and West Africa.

Keppel FELS has been involved in the Vietnamese offshore market for about 25 years. During this time, it has completed several milestone projects including the Hoang Sa, a 1,200-tonne floating crane in 1984 and Vietnam's first jackup rig, the Tam Dao I for VSP in 1988.

Prior to the new tender assist rig, Keppel FELS was also engaged to build PV Drilling's modern fleet of three KFELS B Class jackup rigs. The rigs have been delivered ahead of schedule and with outstanding safety records, the latest being PV Drilling III in November 2009.

The Letter of Award 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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