Keppel Secures Rig Order

Thursday, June 15, 2006
Inking the contract for the fourth KFELS B Class jackup from India are Mr Bharat K Sheth, Deputy Chairman/MD, Great Eastern Shipping and Mr Tong Chong Heong, MD/COO, Keppel O&M

Keppel FELS Ltd (Keppel FELS) has secured its fourth order from India for a KFELS B Class jackup rig. Valued at US$182 million, this rig is for the Great Eastern Shipping Co. Ltd. Group (G.E. Shipping). This will be G.E. Shipping’s first newbuild drilling rig and is scheduled for delivery by the fourth quarter of 2009. It will be further customised to meet G.E. Shipping’s operational requirements for water depths of up to 350 feet and readily upgradeable to 400 feet. The rig will have capabilities to drill in 30,000 feet water depth and can accommodate 112 men.

According to India’s national oil company, Oil And Natural Gas Corporation Limited (ONGC), it aims to double E&P reserves to six billion tonnes by 2020, out of which four billion tonnes are from deep waters. G.E. Shipping is also a regular customer of Keppel Shipyard, which has undertaken repair of tankers, bulk carriers and Liquefied Petroleum Gas carriers for the company since 2002. The contract is not expected to have material impact on the NTA or the earnings per Keppel Corporation share for FY2006.

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