Jindal’s 2nd Jackup – Early & Incident-Free

Wednesday, December 10, 2008

Keppel FELS Limited (Keppel FELS) is set to deliver a jackup rig ahead of schedule to Virtue Drilling, an associate company of India’s Jindal Drilling & Industries (Jindal).

Named in the presence of Guest-of-Honor, Dr Lee Boon Yang, Singapore’s Minister for Information, Communications and the Arts, the jackup rig Virtue I, has also achieved a clean safety record of about 2.1 million man-hours worked without incidents.

“In its strive for excellence in technology innovation and project execution, Keppel Offshore & Marine plays an important role in showcasing Singapore’s capabilities as a world leader in the design and construction of offshore drilling rigs. The successful completion of Virtue I attests to the potential of strong collaboration between Singaporean and Indian companies,” said Dr Lee at the naming ceremony.

Virtue I is the second jackup rig Keppel FELS has completed for Jindal and has been contracted by India’s Oil and Natural Gas Corporation (ONGC) in the Indian Ocean for a period of five years. The first rig, Discovery I was delivered in September this year, 49 days ahead of schedule and without incidents.

Mr Choo Chiau Beng, Chairman and CEO of Keppel Offshore & Marine (Keppel O&M), said, “India is enlarging its sphere in the global oil and gas industry, with its total hydrocarbon resources estimated in the region of 28 billion tonnes, and the government’s push to expand the local sector to reduce its dependence on oil imports. These factors present tremendous opportunities for exploration and production activities, and augur well for supporting clusters in the long run.

“We are honored that Jindal has given us opportunities to strengthen its offshore fleet with two jackup rigs of our proprietary KFELS B Class design. We look forward to build on this strong partnership between our companies to support India’s growth as a major contender in global oil and gas.”

Since the launch of the KFELS B Class design in 2000, Keppel FELS has received 33 orders for its proprietary jackup drilling rigs. VIRTUE I is the 25th unit of this design to enter the offshore market.

Over the last five years, Indian drilling contractors have ordered a total of nine KFELS B Class jackup rigs from Keppel FELS. The total contract value of these rigs amounts to US$1.5b and speaks of the confidence placed in Keppel’s proprietary design.

Made to meet the requirements of international waters and those of ONGC for work in offshore India, Virtue I is capable of operating in water depths of 350 feet and drilling down to 30,000 feet. Keppel’s advanced and fully-automated high capacity rack, pinion elevating system and self-positioning fixation system have been incorporated into the design.

(www.kepcorp.com)

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