Keppel Offshore & Marine Awarded Contracts Worth $55M

Maritime Activity Reports, Inc.

March 10, 2003

Business units of Keppel Offshore & Marine Ltd have secured $55 million worth of contracts. Keppel Singmarine, the specialized shipbuilding division, will build three 60 tonne bollard pull Anchor Handling Tug/ Supply (AHTS) vessels, one for Hadi H. Al-Hammam Establishment (Hadi) from Saudi Arabia while the remaining two for Pacific Richfield Marine Pte Ltd (PRM), a Singapore-based customer. These vessels will be completed in the first quarter of 2004. Keppel Singmarine has delivered two AHTS vessels to Hadi in the last two years, and is currently building a 140-tonne bollard pull purpose-built AHTS vessel for PRM. This vessel is due for delivery in the last quarter of 2003. The remaining contracts are for upgrade of ENSCO 57 and remedial work on ENSCO 52 by Keppel FELS Ltd (KFELS) and the enhancement of ENSCO 82 by AMFELS Inc., for repeat customer, ENSCO Offshore Company (ENSCO). As a preferred shipyard group of ENSCO, Keppel FELS and AMFELS participate in ENSCO’s fleet enhancement through Master Vessel Modification and Repair Agreements with ENSCO initially signed in 1997. ENSCO has been a long-time customer of Keppel and owns four jack-up rigs (ENSCO 101, 102, 104 and 105) of the KFELS’ proprietary MOD V A and B class, designed and built by Keppel. Keppel has also carried out numerous repairs and upgrades for ENSCO’s rig fleet. The upgrading on ENSCO 82 will be carried out in AMFELS Inc, Keppel’s yard in Brownsville, Texas and is expected to be completed by November 2003. This project is similar to the upgrade of ENSCO 81, which is currently being carried out by AMFELS scheduled for completion in early March 2003. The scope of work on ENSCO 82 includes enhancement to its drilling capability comprising a new derrick, drawworks, top drives, third mud pump and the refurbishment of its jacking, piping and electrical systems. Keppel FELS in Singapore will undertake the work on ENSCO 52 and ENSCO 57. The scope of upgrade work on ENSCO 57 entails legs and spud-can enhancements, changing of main engines and the refurbishment of the quarters. The duration of this project is about five months. ENSCO 52 will undergo one-month period of remedial and upgrade work, which includes installation of new cranes, installation of zero discharge system and the refurbishment of the helideck.
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