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Clearwater Capital Partners News

01 Oct 2013

Keppel Secures Repeat Jackup Orders from Clearwater

Keppel FELS Limited (Keppel FELS), a wholly-owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has secured a contract from an affiliate of Clearwater Capital Partners (Clearwater) to build a pair of premium KFELS B Class jackup rigs. The total cost of the project is about $440 million (USD), which also includes owner furnished equipment and project management fees. The rigs are scheduled to be completed in 4Q 2015 and 1Q 2016. Wong Kok Seng, Managing Director (Offshore) of Keppel O&M and Managing Director of Keppel FELS said Keppel FELS has 49 KFELS B Class/Super B Class jackup rigs already delivered and 17 on order. The KFELS B Class jackup rig is able to operate in water depths of up to 400 feet, drill to 30,000 feet deep and equipped with offline standbuilding capability.

16 May 2011

Keppel to Build Repeat Jackup Rigs Worth $772M

Latest contracts boost value of new orders secured year-to-date to over S$6.4 billion. Keppel FELS Limited's (Keppel FELS) returning customer, Oslo-listed S.D. Standard Drilling Plc (Standard Drilling), has ordered four repeat KFELS B Class rigs worth US$772 million. Successive deliveries of these units are scheduled between 2H2013 and 1H2014. Standard Drilling ordered its first jackup rig from Keppel FELS in November 2010 with two options. In addition, it acquired two jackups under construction as well as two option rigs from Clearwater Capital Partners LLC (Clearwater)…

24 Jan 2011

Keppel to Build Two Jackups for Clearwater

Keppel FELS Limited (Keppel FELS) has secured new orders from Clearwater Capital Partners, LLC (Clearwater) to build a pair of premium KFELS B Class jackup rigs at $360m. The two high specification jackups are scheduled for delivery in 1Q 2013 and 2Q 2013 respectively. As part of the agreement, Clearwater has options to build another two similar jackup units with Keppel FELS. If exercised, the options for the additional two rigs will bring the total contract value to above $730m. Rob Petty, Managing Partner and Co-Founder of Clearwater, said, "Confidence is rapidly returning to the offshore industry and we expect a fundamental recovery of the sector. There is a clear bifurcation in the jackup market with oil companies increasingly focused on new, high specification rigs for their projects.