Keppel Receives $40,000 Bonus for Early Rig Delivery

Keppel FELS Ltd. received U.S. $40,000 from Awilco Offshore ASA for the early delivery of jack-up drilling rig.

Built to Keppel's proprietary KFELS B Class design, the rig was delivered 10 days ahead of contractual schedule to Awilco without any lost time incidents during its construction.

The rig is the second of three rigs Keppel FELS is building for Awilco. The first rig was also delivered ahead of schedule in December 2006. The third rig is scheduled for delivery in second quarter 2009.

Lady Sponsor, Ann Karin Refsland Fougner, wife of Henrik Fougner, managing director of Awilco, named the rig "WilBoss" at a ceremony held at Keppel FELS on February 16, 2008.

"Amidst the yard's current heavy workload, this high quality, high performance rig was constructed within 21 months and without a single lost-time incident," Tong Chong Heong, managing director and COO of Keppel O&M, said.

"I am pleased to announce that as the result of this superb performance, Awilco has rewarded Keppel FELS with a U.S. $40,000 bonus."

"Today's ceremony is a milestone in our ambition to become a leading international drilling company," Henrik Fougner said. "To succeed, we need premium assets and a premium organization. When building at Keppel FELS you know you get a premium asset."

WilBoss is the 19th KFELS B Class jack-up drilling rig to enter the market since the design was launched in 2000. The rig design has been chosen by oil companies and drilling contractors as a benchmark for jack-up rigs in worldwide operations.

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