Keppel FELS Wins $427m ENSCO Deal

Thursday, June 07, 2007
Seen here are William S. Chadwick, Jr., Executive Vice President - COO of ENSCO; Tong Chong Heong, MD & COO of Keppel Offshore & Marine; Daniel W. Rabun, Chairman, President and CEO of ENSCO; Choo Chiau Beng, Chairman & CEO of Keppel Offshore & Marine and Mr Paul Wildberger, General Manager, Capital Projects of ENSCO, in front of ENSCO 8500.

Keppel FELS won an order for an ultra-deepwater semisubmersible (semi) drilling rig from a wholly-owned subsidiary of ENSCO International Incorporated (ENSCO). The total project value is $427 million.

The semi, ENSCO 8503, will be the fourth semi that Keppel FELS is constructing for ENSCO. It is expected to be delivered in the third quarter of 2010.

“It is our privilege to participate in the growth of ENSCO. Since 1999, we have built nine premium jackup rigs and have four semisubmersibles under construction for ENSCO including the latest order,” said Choo Chiau Beng, Chairman & CEO of Keppel Offshore & Marine (Keppel O&M).

Keppel FELS delivered its ninth jackup rig, ENSCO 108, to ENSCO in March 2007. It is constructing three semis, ENSCO 8500, ENSCO 8501 and ENSCO 8502, for delivery to ENSCO in second quarter-2008, first quarter-2009 and end-2009 respectively. ENSCO 8500 and ENSCO 8501 are both committed under long-term drilling contracts beginning upon delivery.

In the last 10 years, ENSCO has awarded the Keppel O&M Group a total of approximately $4.5 billion worth of construction and repair projects. As ENSCO’s preferred shipyard Group, Keppel O&M, through its subsidiaries, has had a longstanding Master Vessel Modification and Repair Agreement with ENSCO since 1997.

“Today marks another milestone in our commitment to our strategic objective of expanding our deepwater fleet through our ENSCO 8500 SeriesTM proprietary design semisubmersible rigs,” said Daniel W. Rabun, Chairman, President and CEO of ENSCO.

Like her sister rigs, the ENSCO 8503 ultra-deepwater semi rig is based on ENSCO’s proprietary design, the ENSCO 8500 Series, which is an enhanced version of the ENSCO 7500 design. The 8500 Series rigs will be capable of drilling in up to 8,500 feet of water, and can readily be upgraded to 10,000 feet water-depth capability if required. Enhancements include a two million pound quad derrick, offline pipe handling capability, increased drilling capacity, greater variable deck load, and improved automatic station keeping ability. With these features, the 8500 Series rigs will be especially well-suited for deepwater development drilling.

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