Keppel FELS LOI for Two Newbuild Jackups, $360M

Tuesday, October 26, 2010

Keppel Corporation Limited announced that its wholly-owned subsidiary, Keppel FELS Limited, has entered into a Letter of Intent with Mermaid Maritime Public Company Limited to build two KFELS B Class jackup rigs worth $360m. In addition to these, Mermaid will have options to build another two similar jackup units.

In the event that the proposed deal proceeds, the first two jackup rigs will be scheduled for delivery on 1 December 2012 and 1 March 2013 respectively. If exercised, the options for the additional two rigs are expected to bring the total contract value to above $700m.

Further announcement will be made in due course if and when the rig construction and option contracts are executed. The Letter of Intent with Mermaid is not expected to have any material impact on the net tangible assets or the earnings per share of Keppel Corporation Limited for the current financial year.

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