AMFELS Wins Jackup Construction Contract

Keppel Corporation, through its unit, AMFELS Inc in Brownsville Texas, has won a US $83 million contract to build a new jackup rig for Perforadora Central.

Due for delivery in the first quarter of 2004, this rig is the fourth MOD V "B" class ordered in two years, reflecting customers' confidence in Keppel's design, engineering and construction capabilities. "This new generation rig looks set to become the rig of choice to replace the aging jack-up rigs that have been built in the 70/80s when they retire.

"With few replacements currently available in the market, there is a demand for new rigs or life extension of existing rigs, both of which are products and services that Keppel can offer, on time and within budget," said Mr. Choo Chiau Beng, Executive Director of Keppel Corporation.

"Our design, the MOD V "B" class jack-up drilling rig is the latest solution for oil companies and drilling contractors looking for a more cost-effective deep-well drilling machine. The performance of the rig exceeds the operating capabilities of conventional non-harsh environment jack-up rigs.

"This new rig for Perforadora Central will be fitted with Keppel's proprietary jacking and fixation systems developed by its research and technology arm, Offshore Technology Development," added Mr. Choo.

The rig incorporates modern engineering features to improve productivity, enhance safety, and provide added independence from supply lines and environmental conditions and can drill in water depths up to 375 feet.

This drilling rig's design is well suited for the environmental conditions of the Mexican waters of the Gulf of Mexico.

Going forward, the Keppel Group will continue to focus on three key businesses: Offshore & Marine, Infrastructure and Property. Recognizing the business potential beyond Singapore, the Keppel Group was one of the first Singapore companies to spearhead investments abroad. Today, with a global footprint in 22 countries, Keppel will leverage on its management and financial resources, strong branding and international network to capitalize on growth opportunities in its three key businesses.