PV Drilling III to Spin Bit in Bach Ho Field Offshore Vietnam

Keppel FELS Limited (Keppel FELS) has been awarded a bonus of S$640,000 (US$460,000) for delivering the KFELS B Class jackup rig, PV Drilling III, early to PetroVietnam Drilling & Well Services Corp (PV Drilling).

Completed 1.5 months ahead of schedule, without incidents, PV Drilling III has departed Keppel FELS for Vietnam to begin a five-year contract with Vietsovpetro in the Bach Ho field, offshore Vietnam.

Do Van Khanh, President & CEO of PV Drilling, said, "We have had a rewarding experience building our fleet of KFELS B Class jackup rigs with Keppel FELS. PV Drilling II, which was delivered in September this year was ready for work as soon as it arrived on location and has achieved a good operational track record without any downtime.

"Today, the strong partnership we share with Keppel FELS has yielded yet another success in the early and incident-free delivery of PV Drilling III. We are confident that our latest jackup will continue the tradition of delivering strong performance to our customer Vietsovpetro."

PV Drilling III completes the series of three KFELS B Class jackup rigs ordered by PV Drilling since 2005.

Tong Chong Heong, CEO of Keppel Offshore & Marine, the parent company of Keppel FELS, said, "We are pleased to have exceeded their expectations in the construction of the three jackup rigs.

"The KFELS B Class' successful operational track record in offshore Vietnam not only attests to the strengths of the design but also that of our partnership with PV Drilling. We are proud of the value created by the KFELS B Class fleet for PV Drilling and look forward to support them further in growing their fleet capability and track record."

The KFELS B Class rig is able to operate in water depths of 400 ft with a drilling depth of 30,000 ft. Versatility of PV Drilling III has been further enhanced with features like engines that meet more stringent emission standards and lower spud can bearing pressure for operation in areas with soft soil conditions.

Designed for maximum uptime with reduced emissions and discharges, the KFELS B Class rig recently won the Prestigious Engineering Achievement Award 2009 from Institution of Engineers Singapore for its environmentally-friendly features.