Keppel Wins Contract to Upgrade Ocean Monarch

Keppel FELS has secured a contract from Diamond Offshore for major upgrades to the Ocean Monarch semisub for US$102 million.

Ocean Monarch will arrive at Keppel FELS in Singapore in mid 2006 for the upgrade and is expected to be operationally ready in fourth quarter 2008.

When completed, Ocean Monarch can operate in up to 10,000 feet of water in a moored configuration. It will be among the most modernized and competent of Diamond's fleet of upgraded Victory-class semis.

This semi is the fourth in a series of fifth generation Victory-class upgrades that Keppel FELS has undertaken for Diamond Offshore. The first three semis are Ocean Baroness, Ocean Rover and Ocean Endeavor. The latter is currently undergoing an upgrade project at Keppel FELS and is scheduled for completion in fourth quarter 2006.

Keppel FELS is currently undertaking the construction of one jackup rig for Diamond Offshore. Its sister company, Keppel AmFELS is also building a jackup rig for the same customers. Both rigs are of the proprietary KFELS B Class jackup design by the R&D arm of Keppel.

The contract is not expected to have material impact on the NTA or the earnings per Keppel Corporation share for FY2006.

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