Rigs, Coring & Exploration: News for Oil & Gas and Hydrocarbon Industries  Membership Services »
Gulf Oil and Gas grow your business
Home News Events Projects Tenders Unconventionals Community | My Account  Jobs 
Products and vendors Services and providers Oil & Gas Software and publications

Keppel Secures Third Jackup Order from AOD

Source: www.gulfoilandgas.com 7/3/2011, Location: Asia

Share |

Keppel FELS Limited's repeat customer, Asia Offshore Drilling Limited (AOD) has exercised its first of two options to build a KFELS B Class jackup rig worth US$184 million. The effectiveness of this first option is subject to AOD or its wholly owned subsidiary entering into a construction contract with Keppel FELS and fulfilling certain conditions precedent. This rig will be AOD's third with Keppel FELS and is scheduled for delivery in 3Q2013. AOD, established by Singapore listed Mermaid Maritime Public Company Limited (Mermaid), had placed orders for two KFELS B Class jackup rigs in December 2010. Last week, AOD announced the completion of a private placement which will result in Mermaid and Seadrill Ltd. each having a 33.75% equal shareholding ownership in AOD.

M.L. Chandchutha Chandratat, Chairman of the Board of AOD, said, "We continue to see bifurcation in the jackup market. Oil companies are showing a preference for high specification jackups for which the KFELS B Class stands out as a choice design. We are therefore strengthening our position as an Asian drilling company with our third KFELS B Class rig order. We are also pleased that our strategic decisions were recognised by Seadrill, which is one of the most successful drilling companies in the world. This partnership between Mermaid, Seadrill and Keppel FELS provides AOD with a strong platform to develop its business to serve the Asia Pacific and Middle East markets." With the exercise of the option, Keppel Offshore & Marine's new orders for the year-to-date has reached S$7.4billion. Mr Tong Chong Heong, CEO of Keppel Offshore & Marine said, "We are pleased to receive yet another order for our KFELS B Class rig and further reinforce our partnership with AOD. We have delivered 33 jackup rigs based on the KFELS B Class design, with another 19 on order. This is testament to the proven capabilities of this high specification and cost-effective design.

Keppel stands ready to support AOD as they develop their fleet of premium rigs based on the KFELS B Class design. The two rigs previously ordered by AOD are progressing well on track, and we look forward to deliver these safely, on time and within budget." When completed, AOD's rigs will be able to operate in water depths of 350 feet, drilling depth of 30,000 feet and accommodate 150 men. Developed by Keppel's technology arm, Offshore Technology Development, the KFELS B Class jackup is designed to provide maximum uptime with reduced emissions and discharges. It incorporates Keppel's advanced and fully-automated high capacity rack and pinion elevating system, and Self-Positioning Fixation System. The exercise of the option is not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.

Rigs, Coring & Exploration >>

Rigs, Coring & Exploration News in Singapore >>

Russia Economy in November 2014
Russia >>  11/20/2014 - Industrial production increased 2.8% in September over the same month one year ago. From 2006 to 2014, IP in Russia averaged 2.5%. Seasonally adjuste...
Shawcor Wins $200m Pipe Coating Contract for Shah Deniz 2
Azerbaijan >>  11/18/2014 - ShawCor Ltd.'s Bredero Shaw pipe coating division has received a second contract with a value of approximately US$200 million from BP Exploration (Sha...

Wison Selects AVEVA Marine to Support Offshore Projects
China >>  11/18/2014 - Wison Offshore & Marine, a global EPC firm, has selected AVEVA Marine software for the engineering, design and construction of its offshore Floating S...
Yokogawa to Release Multi-Function Wireless Adaptor
Japan >>  11/18/2014 - Yokogawa Electric Corporation will release a newly developed multi-function wireless adaptor on December 1. This adaptor enables wired devices that tr...

India Economy in November 2014
India >>  11/17/2014 - After robust 2Q14 GDP figures (5.7% y-o-y), it seems the 3Q GDP growth rate is set to decelerate because the factors that drove 2Q growth – strong gov...
China Stock Movements in November 2014
China >>  11/15/2014 - The latest information for September showed Chinese total oil commercial inventories fell by 2.5 mb to stand at 401 mb. Despite this stock drawn, Chin...



Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


Singapore Oil & Gas 1 >>  2 | 3 |

More News

Oil & Gas Companies in Singapore >>

Related Links

Countries Quick Links

AZ BD BN CN GE HK ID IN IR JP KG KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas B2B marketplace:   About -  Advertising -  Competitive Intelligence -  Talent Solutions -  Membership Services Follow us on Facebook
Copyright © Universal Solutions All rights reserved. Privacy Policy. - Contact Us  Gulfoilandgas rss feed