Keppel to Build Five Semis for $4.12 Billion for Sete Brasil

Press Release
Thursday, April 12, 2012

Keppel Offshore & Marine Ltd (Keppel O&M), through its subsidiaries, Keppel FELS Brasil S.A. and Estaleiro BrasFELS Ltda, has signed a Letter of Intent (LOI) with Sete Brasil Participações S.A. (Sete Brasil), for the design and construction of five additional semisubmersible (semi) drilling rigs based on Keppel's proprietary DSSTM 38E design.

The aim of the LOI is to facilitate Keppel O&M's preparation work on these potential projects, pending the signing of the final construction contracts. The total value of the contracts, if and when successfully agreed and executed between Keppel O&M and Sete Brasil, will be approximately $4.12 billion.

Earlier in December, 2011, Keppel O&M secured one semi to be built to the same DSSTM 38E design from Sete Brasil. Like the first rig, the additional five rigs are intended to support Brazil's exploration of its vast proven offshore oil and gas resources.
The DSSTM 38E design is an enhancement of Keppel's proven fifth generation deepwater solution, the DSSTM 38. With improved capability and operability, the DSSTM 38E is well suited to meet the stringent requirements of the deepwater "Golden Triangle" region, comprising Brazil, Africa and the Gulf of Mexico.

"We have entered into this LOI for five additional semis from Keppel, as we are confident of Keppel's strong track record in the design and construction of deepwater rigs, as well as their established yard in Brazil,” said Joao Carlos Ferraz, Sete Brasil's Chief Executive Officer. “It is full steam ahead for us in growing our fleet of rigs and vessels to support the E&P activities in offshore Brazil, and we need to partner with shipyards like Keppel, which can deliver the quality rigs in a timely manner.”

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