Keppel Delivers Dual-Capability Jack-Up to Rowan

Keppel FELS Limited (Keppel FELS) has delivered the first of three KFELS N-Class jack-up rigs being built for Rowan Companies, Inc. (Rowan) (NYSE: RDC) safely, on time and within budget.

Built to the proprietary KFELS N-Class design, this new-generation rig is the largest jack-up to be constructed in Singapore. This rig design is the brainchild of Keppel's R&D arm, Offshore Technology Development (OTD), following Keppel's extensive experience in constructing rigs for the North Sea region since 1985. The North Sea region is one of the world's toughest operating environments for offshore exploration and production.

At 568 ft (extendable to 598 ft), the KFELS N-Class rig can operate in harsh weather conditions in water depths ranging from 400-500 ft, which are 40% deeper than traditional units in benign waters, and drilling depths of 35,000 ft, 15% deeper compared to existing harsh environment jack-ups. The design is in full compliance with the demanding and technical challenging requirements of rigs operating in the Norwegian sector of the North Sea.

The KFELS N-Class design also provides customers the flexibility of having a jack-up that can undertake drilling and production concurrently. This high-specification rig has features allowing drilling to take place at two positions 26 feet apart. This special design allows the jack-up to accept process modules for production activities while having concurrent drilling activities at the secondary cantilever position. The two cantilever drilling positions also provide an exceptionally wide drilling envelope.

Construction of the remaining two KFELS N-Class rigs, the Rowan Stavanger and the Rowan Norway, are on schedule with expected deliveries in 1Q and 2Q of 2011, respectively. In the US, Keppel AmFELS is currently constructing the remaining two of four Rowan EXL-Class jack-up rigs (Enhanced Super 116E), with expected deliveries in 1Q 2011 and 3Q 2012.