Keppel FELS $110M Contract

Wednesday, December 08, 2004
Keppel FELS Ltd (Keppel FELS), a wholly-owned subsidiary of Keppel Corporation Ltd, has secured a contract to build a KFELS B Class jackup valued at US$110 million for Gulf Drilling International Limited (GDI), Qatar’s first national drilling company.

The jackup, GULF-4, well suited in the Arabian Gulf and Indian waters, will be built to Keppel FELS’ proprietary design. It will be capable of operating in 300 feet water depth, drilling down to 30,000 feet and accommodating 110 men.

Mr Abduljabbar Saifaldeen, Managing Director of GDI, said, "It is very important for us to work with the right yard to build GDI’s first ever jackup.

Keppel FELS comes with strong credentials both with its successful newbuilding track record, and its B Class jackup rig design which has been tried and tested in the market. Keppel FELS has also provided GDI with a competitive bid among several internationally reputed bidders."

To date, all four KFELS B Class jackups have been gainfully deployed in different parts of the world, with six more currently under construction at Keppel FELS.

GULF-4, when delivered in the fourth quarter of 2006, will add to Keppel’s track record of 11 KFELS B Class in the market since its introduction in year 2000.

Mr Tong Chong Heong, Managing Director and Chief Operating Officer of Keppel Offshore & Marine (Keppel O&M), said, “This new contract is significant as it further establishes Keppel Offshore & Marine’s footprint in the Arabian Gulf.”

The Arabian Gulf, also known as the Persian Gulf, is one of the most strategic waterways in the world due to its importance in world oil transportation. It contains 715 billion barrels of proven oil reserves, representing over 57% of the world's oil reserves, and 45% of the world’s total natural gas reserves at 2,462 Tcf.

Keppel O&M has built a good track record in the Gulf. Among its work-in-progress are the construction by Keppel FELS of a jackup rig, Al Hail, for Abu Dhabi’s National Drilling Company (NDC), and the upgrading and refurbishment by associate Arab Heavy Industries P.J.S.C. (AHI) of two jackups, GULF-2 and NPCC SEP-350 for GDI and National Petroleum Construction Company respectively.

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