Keppel FELS and PV Drilling Name Twin Rigs

For the first time in rig history, two identical jackup rigs have been named together by Keppel FELS Limited (Keppel FELS) and its customer PetroVietnam Drilling & Well Services Corp (PV Drilling).

The naming of the twins, PV Drilling II and PV Drilling III, was witnessed by Senior Minister of State (SMS) for Trade & Industry and Education, Mr. S Iswaran at Keppel FELS today. Both rigs are built to Keppel’s proprietary KFELS B Class design, which is a choice rig for discerning drilling operators worldwide.

Well on track for early deliveries this year, PV Drilling II and PV Drilling III, will add to the current count of 28 KFELS B Class units that have entered the global offshore market since 2000.

SMS Iswaran said, “The early completion and delivery of PV Drilling II and III marks yet another milestone in the deepening relationship between our two nations. It will put Singapore’s maritime cluster in good stead to support Vietnam’s growing oil and gas sector.

“Today’s naming of the twin rigs once again underscores the strengths and capabilities of Keppel and Singapore’s marine and offshore industry. Our shipyards have long established a strong reputation for quality and timeliness. They have also gained prominence for their ability to offer specialised services and handle sophisticated projects.”

It is estimated that there will be some 900 exploration wells in Vietnam over the next 15 years. To meet the tight exploration schedule, PV Drilling intends to make capital investments of around $ 1.7b from now till 2025 to build and operate an 11-strong fleet of offshore and onshore rigs.

Mr Do Van Khanh, CEO of PV Drilling and Chairman of PVD Invest said, ”We want to position ourselves to capture Vietnam’s growing market for oil and gas services with the support of a strong and reliable shipyard that can deliver projects punctually, on budget and without incidents.

“We are very pleased with the excellent work Keppel FELS has done on PV Drilling II and PV Drilling III. Having worked with them on several important projects, we are convinced that they are the best people to help us build our highly specialised rig fleet.”

Mr. Tong Chong Heong, CEO of Keppel Offshore & Marine (Keppel O&M), said, “We are excited to mark Keppel and Vietnam’s quarter-century partnership with the historical naming of two jackup rigs for PV Drilling.

“High levels of engineering and construction efficiency have been achieved on the twin rigs due to our rich experience in building repeat KFELS B Class jackups, and the excellent team work with our customer. We are honoured that PV Drilling has chosen Keppel FELS time and again for their milestone projects.”

The KFELS B Class rig is be able to operate in water depths of 400 ft with a drilling depth of 30,000 ft. Versatility of PV Drilling III has been further enhanced with features like engines that meet more stringent emission standards and lower spud can bearing pressure for operation in areas with soft soil conditions.

Designed for maximum uptime with reduced emissions and discharges, the KFELS B Class rig recently won the Prestigious Engineering Achievement Award 2009 from Institution of Engineers Singapore for its environmentally-friendly features.

Keppel FELS has been involved in the Vietnamese offshore market for 25 years having completed the Hoang Sa, a 1,200-tonne floating crane in 1984 and Vietnam’s first jackup rig, the Tam Dao I in 1988. More recently, in 2007, it delivered Vietnam’s first KFELS B Class jackup, PV Drilling I, ahead of schedule and within budget to PV Drilling.