Keppel FELS Adds Aoother Rig Order

Monday, March 22, 2004

Keppel FELS Limited (Keppel FELS) secured a $114 million contract from Odfjell Drilling to build a KFELS B class jackup rig.

The contract includes an option for another two units, with price adjustment for increase in steel prices and currency fluctuations.

The design of the jackup rig is proprietary to Keppel Offshore & Marine (Keppel O&M), the parent company of Keppel FELS. It is capable of operating in 350 feet water depths, drilling down to 30,000 feet and accommodating 110 men.

The new rig is scheduled for delivery in the second quarter 2006.

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