AMFELS Sees S$80 Mln in Repair Work from Repeat Customers

AMFELS, the US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M) has clinched four contracts valued at S$80 million from repeat customers.

Three contracts are for the repair of jackups, ENSCO 86, ENSCO 89 and ENSCO 99, for a subsidiary of ENSCO International Incorporated (ENSCO).

The first of the three jackup rigs, ENSCO 99 is expected to arrive at AMFELS in mid-November 2004 and she will also undergo life extension and refurbishment works.

The fourth contract is for the refurbishment of Ocean Warwick, a jackup for Diamond Offshore, which had suffered leg damage during the Hurricane Ivan.

ENSCO 86, ENSCO 89, ENSCO 99 and Ocean Warwick are jackup rigs operating in the Gulf of Mexico.

Said Mr. Tong Chong Heong, Managing Director/Chief Operating Officer of Keppel Offshore & Marine and Chairman of AMFELS, "These contracts are testament to AMFELS' position as the Provider of Choice in the Gulf of Mexico.

"With our expertise and track record, AMFELS will continue to work in partnership with owners and operators to provide them with quality solutions for the thriving oil and gas industry in the Gulf of Mexico region."

Currently, AMFELS is busy with the final stages of the modifications works on the SBX platform project with the US government. The vessel is scheduled for delivery in the first quarter of 2005.

ENSCO, headquartered in Dallas, Texas, and Diamond Offshore, based in Houston, Texas, provide drilling services to the international petroleum industry.

Located in Brownsville, Texas, AMFELS is a member of the Keppel O&M group, with a network of 16 yards worldwide. It is also a wholly owned subsidiary of Singapore-listed Keppel Corporation Limited, through Keppel O&M.

The contracts are not expected to have any significant impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year ending December 31, 2004.