Keppel Caps 2009 with West Vencedor Delivery

Keppel FELS Limited (Keppel FELS) has delivered West Vencedor, the sixth of seven KFELS semisubmersible drilling tenders (SSDT) to Seadrill Limited (Seadrill) ahead of schedule and within budget, garnering a bonus of S$100,000 (US $72,000).

The completion wraps up a record year of 13 rig deliveries by Keppel FELS, all of them delivered on time and within budget. The company was awarded a total of S$2 million for early deliveries of most of these newbuilds, which included 8 jackup rigs, 4 semisubmersibles (semi), and 1 SSDT.

Wong Kok Seng, Executive Director of Keppel FELS said, "We were able to achieve this by consistently striving for operational excellence and innovation, backed by strong project management and close partnerships with our unions, customers, contractors and vendors.

"For 2010, we will remain focused on execution excellence and further improving efficiency to deliver superior solutions and services safely, on time, and within budget, while pursuing more projects."

West Vencedor is expected to commence development drilling operations in offshore Angola under a five-year contract with Cabinda Gulf Oil Company Ltd, a subsidiary of Chevron Corporation, in the first quarter of 2010.

Alf Ragnar Løvdal, Senior Vice President of Tender Rigs Division of Seadrill, said, "Through Seadrill's 15-year partnership with Keppel, we have launched the successful KFELS SSDTTM Series of drilling tenders and established a solid operational track record.

"We are pleased to receive West Vencedor early. It represents another quality project for us and demonstrates Seadrill's and Keppel FELS's dedication and excellent project management.

"With that, we are also confident that the seventh SSDT, currently under construction, will be another outstanding rig bearing the KFELS SSDTTM stamp as a superior drilling tender solution in the global market."

Wong added, "Our win-win alliance with Seadrill has contributed to them becoming the world's leading drilling contractor in the tender assist segment. It has also effectively positioned Keppel as the leader and pioneer in the design and construction of deepwater semisubmersible drilling tenders.

"We will continue to partner our trendsetting customer, Seadrill and support them in their fleet expansion program."

Developed by Keppel's Deepwater Technology Group, the KFELS SSDTTM is an outstanding application of engineering and technological advancement, contributing significantly to environmental protection, as well as the safety of operators involved in offshore platform development drilling.

Keppel Offshore & Marine Group has constructed four of Seadrill's world-class jackups. Construction of the seventh SSDT and two jackups at Keppel FELS remains on schedule with expected deliveries extending from from 2Q2010 into 2Q2011. When completed, Keppel-built rigs will make up 35% of Seadrill's premium fleet.

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