Fels Offshore News

Company signs agreement to manage a shipyard in Quanzhou, China. Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly owned subsidiary, FELS Offshore Pte Ltd, has signed a management services agreement with Titan Petrochemicals Group Limited (Titan) - a company in which commodities trading conglomerate Guangdong Zhenrong Energy Co. Ltd. (GDZR) is a major shareholder - and Titan Quanzhou Shipyard Co. Ltd (TQS), to manage the TQS shipyard. TQS, located in Quanzhou in Fujian Province, is one of the largest shipyards in China, occupying a total area of 110ha with 3,600m length of coastline. When completed, TQS will have four ultra-large and wide dry docks…

Keppel FELS Limited, the world leader in the construction of jackup rigs, has successfully designed and built its first KFELS MOD V “B” class ultra premium jackup drilling unit. Built for Chiles Offshore Inc. (AMEX: "COD") (CHILES), Chiles Discovery is the benchmark for a new generation of ultra premium deep-well drilling rigs. Keppel FELS received an early delivery bonus for Chiles Discovery, a testament of its excellent project management and executing capabilities. The company was also awarded bonuses for good safety performance, as well as delivering a rig that exceeds its original design parameters. The Chiles Discovery showcases…

Keppel Corporation Limited increased its stake in Norway's Offshore & Marine ASA to 61.87%. The deal was executed through Keppel Corp's wholly owned subsidiary FELS Offshore, which bought a total of 1,648,000 O&M shares from Norestraen Industrier AS and Norestraen Investering AS for a total cash consideration of $448,000. The book value of the O&M shares was approximately $297,913 as at Dec. 31, 2005, but the deal took into account the future business prospects of O&M and was done on a willing buyer and willing seller basis. Through the acquisition, FELS' shareholding in O&M will increase to 6,960,500 shares - representing 61.87% of the issued share capital - from 5,312,500 shares, which represented 47.22% of the issued share capital.