Keppel to Deliver Maersk Rig Early

Friday, July 25, 2003
Keppel Offshore & Marine Limited (Keppel O&M) will deliver a new generation semi-submersible rig to Maersk Contractors two weeks ahead of schedule in mid August 2003. The rig was named LIDER in a ceremony that was attended by more that 1,000 guests at Caspian Shipyard Company (CSC) in Baku, Azerbaijan. Mr Tage Bundgaard, President of Maersk Contractors, said, "We are proud of this new highly advanced rig. We fully expect LIDER to prove its state-of-the-art capabilities during the upcoming contract with Exxon Azerbaijan and other operators in the Caspain region. Caspian Shipyard Company has proved to be a very proficient rig constructor and we hope that this will be the first of many Maersk rigs to be working in the Caspian Sea." LIDER will be contracted to Exxon Azerbaijan Operating Company LLC and Chevron Overseas Petroleum Azerbaijan Limited for a three-year drilling program. Said Mr Michael Krall, Vice-President, ExxonMobil Development Company, "We would like to commend Maersk, Keppel FELS and the Caspian Shipyard Company for their outstanding efforts in managing the construction of the rig. The project is a good example of the benefits that can be realized by parties bringing together financial resources, construction and advanced technology." Co-designed by Keppel FELS of Singapore and Marine Structure Consultants of Netherlands, this cost-effective multi-function rig is the first of the DSS-20-CAS-M semi-submersible design to be built. Mr Lim Chee Onn, Executive Chairman of Keppel Corporation Limited, said, "Keppel FELS and Caspian Shipyard were given 31 months to complete this challenging prototype project. "Nobody could have foreseen that we were to be interrupted by the September 11 incident, the war in Iraq, and one of the worst winters in Azerbaijan. Nonetheless the team in Baku and Singapore overcame these obstacles and are able to deliver the rig ahead of schedule." Mr Bill Kee, President of CSC, said, "Executing a project of this magnitude and complexity requires a clear appreciation of good integration and interface management. This has contributed to effective communication and has helped to eliminate inefficiency, waste and unnecessary changes. "I am glad that the excellent working relationship amongst AP Moller-Maersk, Rig Club members, American Bureau of Shipping, Keppel FELS and Caspian Shipyard has been one of open discussion, no-surprises and a totally trustworthy process. We have been able to meet our targets to be on-budget, on-time and with zero-loss-time accidents." Keppel FELS and CSC clinched the contract for the construction of LIDER in February 2001, following their successful delivery of the MOD V jack-up rig, Gurtulush to Transocean SedcoForex. Capable of operating in water depths of up to 1,000 metres and drill depths of up to 9,140 metres, LIDER has a variable deck load of 4000 tons and is able to accommodate 130 people. It is specifically designed to handle large water depths and high formation pressures, which are anticipated at the first well in the Zafar Mashal structure. The completion of the construction of this semi-submersible does not have any significant impact on the net tangible assets of Keppel Corporation, the parent company of Keppel O&M. Keppel O&M is a leader in offshore rigs and Floating Production Storage Offloading/Floating Storage Offloading (FPSO/FSO) conversion and shiprepair, as well as a specialised shipbuilder. The Group has a network of 16 yards worldwide in Singapore, Azerbaijan, Brazil, Kazakhstan, the Netherlands, Norway, Philippines, UAE and USA. Its wholly owned subsidiary, Keppel FELS, is the world leader in the building of harsh environment jack-up rigs, having built the most number of jack-ups on order in the last decade. It designs, builds, converts and repairs the complete range of mobile offshore drilling units, floating production systems, production topsides and specialised vessels such as deepwater semi-submersibles, tension leg platforms and other highly sophisticated offshore vessels. Maersk Contractors is part of the A P Moller-Maersk Group based in Copenhagen, Denmark. Maersk Contractors provides drilling, floating production and LNG transportation to the world's offshore oil and gas industry.

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