Keppel Expands Foothold in Mexican Offshore Market

Press Release
Wednesday, December 12, 2012

Keppel FELS, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has won a contract from PEMEX Exploracion y Produccion, a subsidiary of Mexico's national oil company, Petroleos Mexicanos (PEMEX), to build two KFELS B Class jackup rigs worth US$420 million.


Scheduled for delivery in 1Q 2015, the high specification rigs will be the 19th and 20th KFELS B Class rigs on order at Keppel, with 36 already delivered in the past decade.


When completed, the two rigs will join a number of KFELS B Class jackup rigs built by Keppel for Mexican customers. This includes the Primus jackup rig recently delivered to Oro Negro as well as the Tonala rig operated by Peforadora Central.


Mr Wong Kok Seng, Managing Director (Offshore) of Keppel O&M and Managing Director of Keppel FELS, said, "We thank PEMEX for selecting the proven KFELS B Class design as the basis of their new rigs. With 36 rigs delivered and 20 on order, the KFELS B Class design has been the rig of choice for drilling operators in meeting the higher specification needs of their customers. We look forward to delivering high quality rigs to PEMEX safely, on time and within budget.
 

"We are seeing more enquiries from Mexico for new rigs and we believe our KFELS B Class jackup design is well suited to meet the requirements of the Mexican market. Together with our Keppel AmFELS yard in Brownsville, Texas, we aim to boost our track record and establish ourselves as the foremost provider of drilling solutions in Mexico."



PEMEX is the world's fourth-largest crude producer at 2.5 million barrels per day. The Mexican national oil company has estimated that they will invest up to US$2.4billion in 2012 in exploration, and expect to have 40 rigs eventually operating in Mexican waters.



A senior official of PEMEX said, "The KFELS B Class jackup rig, such as the Tonala and Ocean Scepter which are operating successfully in Mexico, has proven to be an efficient and high specification rig. The two new rigs will be an important addition to our fleet and improve our exploration and production capabilities. We are confident that Keppel FELS will deliver the rigs according to the specifications required by PEMEX."



Developed by Keppel's technology arm, Offshore Technology Development, the KFELS B Class jackup design is able to operate in water depths of up to 400 feet and drill to depths of 30,000 feet.



The KFELS B Class rigs incorporate Keppel's advanced and fully-automated high capacity rack and pinion jacking system, and Self-Positioning Fixation System. It provides maximum uptime with reduced emissions and discharges. For its environmental-friendly features, the KFELS B Class design was bestowed the prestigious Engineering Achievement Award from the Institution of Engineers Singapore in 2009.



Keppel AmFELS, Keppel O&M's yard in Brownsville, Texas has previously delivered projects for PEMEX including accommodation platforms. The yard is currently undertaking the construction of two rigs for Mexico. The Papaloapan jackup, which was ordered by Perforadora Central in March 2011, is under construction and on track for delivery 1Q 2013 while the Coatzacoalcos jackup rig is slated for delivery in 1Q 2014.



The above contract is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Shipbuilding

RS at SEA JAPAN 2014

Russian Maritime Register of Shipping (RS) was the only Russian company to take part in SEA JAPAN 2014 exhibition and conference – one of the major exhibitions of the maritime industry.

Reports: Brazilian Tycoon Batista Investigated For Financial Crimes

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering,

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Offshore

Coast Guard tactical air squadron holds change of command ceremony

Capt. Kevin P. Gavin relieved Capt. Donna L. Cottrell as commanding officer of Coast Guard Helicopter Interdiction Tactical Squadron Jacksonville during a change of command ceremony at HITRON Friday.

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Finance

Saudi SABIC Q1 Profit Falls 1.8 % On Product Prices

Profit at Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical firms, slipped 1.8 percent in the first quarter of this year as lower

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Energy

Saudi SABIC Q1 Profit Falls 1.8 % On Product Prices

Profit at Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical firms, slipped 1.8 percent in the first quarter of this year as lower

Korean Ferry Captain's Detention Could Extend As Death Toll Mounts

South Korean prosecutors investigating a ferry disaster said on Sunday they would seek to extend the detention of the ship's captain and two other crew by 10

First Bodies Recoved From Sunken Ferry

South Korean divers retrieved three bodies from inside a sunken ferry overnight, officials said on Sunday, the first time they have been able to gain entry to the passenger section of the ship.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2298 sec (4 req/sec)