Keppel to Build $180M KFELS B Class Jackup for Jasper

Tuesday, December 28, 2010

Keppel FELS Limited (Keppel FELS) has secured an order for a KFELS B Class jackup rig worth about $180m from Jasper Investments Limited (Jasper), with an option for another similar unit. The rig is slated for delivery in 2H 2012.

If exercised, the option for the additional rig will bring the total contract value to about $365m. Mr Wong Kok Seng, Executive Director of Keppel FELS, said, "We would like to thank our new customer Jasper for entrusting Keppel FELS with its latest newbuild rig.

"Having built more than 40% of the world's jackup rigs in the last 10 years, we continue to set benchmarks, not just for completing newbuilds safely, on time and within budget, but also for robust solutions that serve our customers' needs.

"This is the fourth order for our proprietary KFELS B Class design received within the span of a month. It reflects the growing market value of this high specification rig with a proven performance and safety track record."

The KFELS B Class design is cementing its position as the preferred jackup solution for international drillers with a total of 33 units having entered the global market. Jasper's latest unit will be able to operate in water depths of 400 feet, drill 30,000 feet deep and accommodate 150 men.

Mr Geoffrey Yeoh, Executive Director of Jasper, said, "As confidence returns to the global oil and gas industry, we are stepping up our building program to tap into opportunities fuelled by persistent demand for new-generation, high-capability rigs.

"Our partnership with a world-class rig builder and designer like Keppel FELS will strengthen our position to participate in high value projects that will give Jasper a firm foothold in the offshore drilling sector. The addition of the industry-proven KFELS B Class jackup rig will boost the capability of our premium fleet, with which we are confident of delivering high performance and value to our customers."

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