Keppel FELS Bags $218M Order for a Jackup from UMW Oil & Gas

Keppel Corporation Limited reported Thursday that Keppel FELS Limited, a unit of its subsidiary Keppel Offshore & Marine Ltd (Keppel O&M), has bagged a $218 million contract from UMW Drilling 8 (L) Ltd, a subsidiary of Malaysia's UMW Oil & Gas Corporation Sdn. Bhd., for a KFELS B Class jackup.

This is the third KFELS B Class jackup order from UMW Oil & Gas, with rig delivery scheduled for 3Q 2015. UMW Naga 4 (400' ILC), the first jackup, was delivered in February 2013 and Keppel FELS is expected to hand over the second jackup - UMW Naga 5 (400' ILC) - by 2Q 2014.

"Our first jackup constructed by Keppel FELS, UMW Naga 4, is currently deployed in offshore Malaysia while our second jackup, UMW Naga 5, is expected to be delivered in May this year and has already secured a charter from Nido Petroleum Philippines ... we have taken this opportunity to acquire another KFELS B Class jackup from Keppel FELS to enable UMW Oil & Gas to accelerate the growth of our assets portfolio and meet the strong demand for premium jackups in the Asia Pacific region," Rohaizad Darus, president, UMW Oil & Gas said in the press release.

The new jackup, developed by Keppel's technology arms - Offshore Technology Development and Bennett Offshore - is the 75th KFELS B Class ordered since 2000. The jackup is equipped to operate in water depths of 400 feet and drilling depths of 30,000 feet as well as accommodation for up to 150 men.

"We are glad that UMW has chosen to build a third rig to the KFELS B Class design. Having our own proprietary rig designs empowers us to customize solutions for each client to suit their unique requirements in the shortest time possible," Wong Kok Seng, managing director (Offshore) of Keppel O&M and managing director of Keppel FELS said in the same company release.


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