Keppel FELS: Bright Future for Offshore Drilling Rigs

The Washington Times has reported that the boom in Singapore's offshore oil and gas rig industry is expected to last another decade. Keppel FELS, says energy companies are expected to increase spending on oil exploration and production, especially in deeper waters, Channel News Asia reported Monday. Keppel FELS says some of these companies are signing drilling contracts for up to five years starting in 2009, a sign that the current boom cycle for the offshore rig industry is not slowing down anytime soon. Meanwhile, Britain's Douglas-Westwood research firm says deepwater oil production now makes up only one-tenth of total offshore oil production output. But that is expected to grow sharply. Source: Washington Times