Keppel FELS secures order for jackup rig worth about US$210 million
Keppel FELS Limited (Keppel FELS) announces that PV Drilling Overseas (PVDO) is acquiring from the company a KFELS B Class jackup rig for approximately US$210 million, said in the company's press release.
Scheduled for delivery in 1Q 2015, the high specification rig will be the 19th KFELS B Class rig on order at Keppel, with 45 already delivered since 2000.
Mr Pham Tien Dung, Chairman of PVDO and CEO of PV Drilling said, "We are looking to catch up on the huge demand for offshore rigs and actively seize the opportunities coming. To meet this aim, we are pleased to be able to acquire a premium jackup rig with such an early delivery schedule. This is an important addition to our current fleet of rigs to expand our fleet through acquisitions and charters to accelerate our drilling programme for Vietnam and the overseas market."
The KFELS B Class jackup design was developed by Keppel's technology arm, Offshore Technology Development. It is able to operate in water depths of 400 feet, drilling depth of 30,000 feet and accommodate up to 150 men.
Mr Wong Kok Seng, Managing Director (Offshore) of Keppel O&M and Managing Director of Keppel FELS said, "We are pleased to provide PVDO with a KFELS B Class jackup rig to suit their schedule. Even though we have a number of deliveries slated for 2015, our construction programme allows us the flexibility to meet our customer's requirements.
"Having just delivered our 45th KFELS B Class rig, and with another 19 on order, this proven design has been the rig of choice for the offshore drilling industry. We look forward to providing PVDO with a high quality rig on time, on budget and in a safe manner."
Readily upgradeable to higher performance capabilities, KFELS B Class rigs incorporate Keppel's advanced and fully-automated high capacity rack and pinion elevating system, and self-positioning fixation system. It provides maximum uptime with reduced emissions and discharges. For its environmental-friendly features, the KFELS B Class design was bestowed the Prestigious Engineering Achievement Award from Institution of Engineers Singapore in 2009.
The new contract is not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.
