Keppel’s Third Jackup Order from Asia Offshore Drilling

Tuesday, July 05, 2011

Keppel FELS Limited's repeat customer, Asia Offshore Drilling Limited ("AOD") has exercised its first of two options to build a KFELS B Class jackup rig worth US$184 million. The effectiveness of this first option is subject to AOD or its wholly owned subsidiary entering into a construction contract with Keppel FELS and fulfilling certain conditions precedent.

 
This rig will be AOD's third with Keppel FELS and is scheduled for delivery in 3Q2013. AOD, established by Singapore listed Mermaid Maritime Public Company Limited ("Mermaid"), had placed orders for two KFELS B Class jackup rigs in December 2010. Last week, AOD announced the completion of a private placement which will result in Mermaid and Seadrill Ltd. each having a 33.75% equal shareholding ownership in AOD.
 
M.L. Chandchutha Chandratat, Chairman of the Board of AOD, said, "We continue to see bifurcation in the jackup market. Oil companies are showing a preference for high specification jackups for which the KFELS B Class stands out as a choice design. We are therefore strengthening our position as an Asian drilling company with our third KFELS B Class rig order.
We are also pleased that our strategic decisions were recognised by Seadrill, which is one of the most successful drilling companies in the world. This partnership between Mermaid, Seadrill and Keppel FELS provides AOD with a strong platform to develop its business to serve the Asia Pacific and Middle East markets."
 
With the exercise of the option, Keppel Offshore & Marine's new orders for the year-to-date has reached S$7.4billion.
 
Mr Tong Chong Heong, CEO of Keppel Offshore & Marine said, "We are pleased to receive yet another order for our KFELS B Class rig and further reinforce our partnership with AOD. We have delivered 33 jackup rigs based on the KFELS B Class design, with another 19 on order. This is testament to the proven capabilities of this high specification and cost-effective design.
Keppel stands ready to support AOD as they develop their fleet of premium rigs based on the KFELS B Class design. The two rigs previously ordered by AOD are progressing well on track, and we look forward to deliver these safely, on time and within budget."
 
When completed, AOD's rigs will be able to operate in water depths of 350 feet, drilling depth of 30,000 feet and accommodate 150 men.
 
Developed by Keppel's technology arm, Offshore Technology Development, the KFELS B Class jackup is designed to provide maximum uptime with reduced emissions and discharges. It incorporates Keppel's advanced and fully-automated high capacity rack and pinion elevating system, and Self-Positioning Fixation System.
 
The exercise of the option is not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.
 
Maritime Reporter August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

VT Halter to Build Bouchard ATB Tugs

VT Halter Marine, Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), today announced new contracts to build two 130-foot Articulated Tug Barge

Del Mar Signs Agency Agreement with Ciramar

Del Mar Marine Corp. announced it has signed an agency agreement with Ciramar Shipyards allowing the company to promote Ciramar Shipyard´s docking and facilities

Bouchard Orders Two Newbuild ATB Tugs

Morton S. Bouchard III, President and CEO of Bouchard Transportation Co., Inc., today announced the next step in Bouchard Transportation Co., Inc.’s ongoing fleet

Offshore

Japan Loans Petrobras $500m to Build Ship Platforms

Brazil's state-controlled oil company Petrobras signed on Friday a $500 million loan from Japan to build eight ship platforms for the oil industry, as part of the

ESS Lands Second Contract with Dolphin Drilling

ESS Support Services Worldwide, part of Compass Group, has won a new, three-year contract, worth £10.5 million, to provide hotel and catering services to Dolphin Drilling Ltd.

MNZ Opens New Office in Port Taranaki

Maritime New Zealand (MNZ) informs that for the first time in 5 years it has a permanent presence in New Plymouth on the opening of a new office at Port Taranaki

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1263 sec (8 req/sec)