Keppel Wins Fifth Jackup Order from Scorpion

Keppel AmFELS has received a fifth order from Scorpion Offshore (Scorpion) for a jackup rig valued at $143 million. This contract is signed with Scorpion’s wholly-owned subsidiary, Scorpion Intrepid Ltd. All five jackup orders have been secured within nine months of Scorpion’s execution of the first construction contract in May 2005. Like Scorpion's other four jackups, the new rig will be a LeTourneau Super 116 design equipped with leg lengths of 477ft, and capable of drilling wells up to 30,000ft deep in water depths of 350ft. Scorpion’s latest rig is named Offshore Intrepid and is scheduled for delivery in the fourth quarter of 2008. The yard is also building two accommodation platforms for PEMEX and a sludge vessel for the City of New York. The yard has also completed repair works on several Hurricane-affected rigs, Ocean Star for Diamond Offshore, GSF Arctic 1 for GlobalSantaFe, and it is in the process of completing the Transocean Marianas for Transocean. Other ongoing repair and refurbishment projects include the ENSCO 87 for ENSCO Offshore and Pride Oklahoma and Pride Tennessee for Pride International. The transaction is not expected to have a material impact on the NTA or the net earnings per Keppel Corporation share for FY2006.