Keppel FELS Divests Interest in Rig for $80m

Tuesday, February 08, 2005
Keppel FELS Limited (Keppel FELS) has transferred its entire 75% interest in ENSCO Enterprises Ltd II (JVC) to ENSCO Offshore International Company (ENSCO) for a cash consideration of US$80 million.

The JVC is part of an alliance agreement with ENSCO to build, own and operate a jackup rig, ENSCO 106, valued at around US$105 million. The agreement carries an option for ENSCO to purchase Keppel FELS' entire interest in the rig prior to or upon delivery.

The consideration is based on the book value of Keppel FELS’ 75% interest in the JVC.

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