Keppel Wins $85M Rig Upgrade

Keppel FELS Ltd., a unit of Keppel Corporation Limited through Keppel Offshore & Marine Ltd (Keppel O&M), has secured a contract from Diamond Offshore Services Company, a subsidiary of Diamond Offshore Drilling, Inc. (Diamond Offshore), to upgrade semisubmersible rig Ocean Endeavor for US$85 million. Completion of the upgrade is scheduled for fourth quarter 2006. Ocean Endeavor will be capable of drilling down to 35,000 feet and be fully outfitted for 8,000 feet moored operations, with design capabilities to operate in up to 10,000 feet of water. In addition, the rig will have increased crew quarters to accommodate up to 140 personnel, over 6,000 tons of operating variable deck load and increased usable deck space. Mr Larry Dickerson, President & COO of Diamond Offshore, said, “Keppel FELS comes with a proven track record of consistently delivering complicated upgrades on time and on budget. “We chose their yard because of the expertise and experience they demonstrated in the previous upgrades of our Victory-class semisubmersibles Ocean Baroness and Ocean Rover. “We are pleased to once again be embarking with them on a major rig upgrade.” “Diamond’s rigs are sent regularly to our yards around the world, including Singapore, USA and Brazil, for maintenance, repair and upgrading. We also perform onsite servicing for them,” said Mr Tong Chong Heong, Managing Director & Chief Operating Officer of Keppel O&M, said. “Diamond and Keppel project teams work closely on all projects, from the initial planning to final execution stages. Such close partnership has helped to produce synergy and understanding, as well as some of Keppel’s finest works.”