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.
 

Shipbuilding

NASSCO Christens LNG-ready Tanker Constitution

On Saturday, August 27, shipbuilders at General Dynamics NASSCO celebrated the christening and launch of the Constitution, the sixth ship in a series of eight eco-friendly

California: A Strong Shipbuilding State

Fifth in the nation for direct employment, California shipbuilding and repair industry supports nearly 35,000 jobs; Maritime Administrator highlights economic importance

Intermarine's Industrial Skipper Completes Maiden Voyage

Intermarine, LLC announced the July delivery of the M/V Industrial Skipper from Shandong Huanghai shipyard in Rongcheng, China. The ship transported modules to Corpus Christi,

Offshore

GoM Operators Evacuating Ahead of Storm

Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in the path of Tropical Depression No. 9.   The Bureau of Safety and Environmental

New Offshore Gangway Launched at ONS

The new Barge Master Gangway will be presented at the joint booth of Barge Master and Bosch Rexroth during the international offshore trade exhibition ONS (Offshore Northern Seas) in Stavanger.

Russian Shipbuilder Signs $1 bln Oil Rigs Contract with Iran

Russian shipbuilder Krasnye Barrikady and Iran's Tasdid Offshore Development Company (TODC)  have signed a deal worth $1 billion to build five offshore drilling

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Shipbuilding / Vessel Construction 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: 0.0778 sec (13 req/sec)