AMFELS Wins $83M Deal

April 10, 2002

Keppel Corp.'s AMFELS Inc unit in Brownsville, Texas, won a $83 million contract to build a new jack-up rig for Mexican company Perforadora Central S.A. de C.V. Due for delivery in the first quarter of 2004, this rig is the fourth MOD V "B" class ordered in two years. The first "B" class, Chiles Discovery has just been delivered in Singapore. Its sister rig Chiles Galileo, being built in AMFELS for the same owner Chiles Offshore Inc is due in September 2002. The third vessel, Atwood Beacon, is currently under construction in Singapore for Atwood Oceanics Pacific Limited and is expected to be delivered in June 2003. "This new generation rig looks set to become the rig of choice to replace the aging jack-up rigs that have been built in the 70/80s when they retire. "With few replacements currently available in the market, there is a demand for new rigs or life extension of existing rigs, both of which are products and services that Keppel can offer, on time and within budget," said Mr Choo Chiau Beng, Executive Director of Keppel Corporation. "Our design, the MOD V "B" class jack-up drilling rig is the latest solution for oil companies and drilling contractors looking for a more cost-effective deep-well drilling machine. The performance of the rig exceeds the operating capabilities of conventional non-harsh environment jack-up rigs. "This new rig for Perforadora Central will be fitted with Keppel's proprietary jacking and fixation systems developed by its research and technology arm, Offshore Technology Development," added Mr Choo. The rig can drill in water depths up to 375 ft., well suited for the environmental conditions of the Mexican waters of the Gulf of Mexico.

AMFELS Wins $83M Deal

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