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Keppel FELS Secures New Contracts

Source: 9/30/2010, Location: Asia

Keppel FELS Limited has secured new contracts worth about US$101 million (S$134 million) to complete and refurbish two semisubmersible drilling rigs respectively for Saipem S.p.A and Ensco plc.

Mr Wong Kok Seng, Executive Director of Keppel FELS said, "Rig completions and refurbishments are highly complex projects by nature, because every vessel that comes into our yard is different. Very often, these rigs are in transit from various locations across the world and require further assessments and engineering solutions with quick turnaround times.

"Leveraging our internal competencies, we are able to size-up the project requirements and recommend the best course of action to get the jobs done safely, on time and within budget. Keppel FELS' in-house engineering expertise, on top of its proven project management and execution capabilities, further enables the company to add value in the completion, repair and refurbishment of all types of rigs. This unique proposition is something that our customers appreciate."

The first contract was awarded by Saipem S.p.A for the commissioning of the technologically advanced Frigstad D90 semisubmersible rig, Scarabeo 9. A significant part of the workscope involves the commissioning of all marine and drilling sub-systems onboard.

Equipped with a Dynamic Positioning 3 system, this state-of-the-art rig will be able to operate at a water depth of 3600 metres. Scarabeo 9 is slated to depart from a Chinese yard and arrive in Keppel FELS towards the end of October 2010.

The second contract was awarded by a subsidiary of Ensco plc for the upgrade, repair and refurbishment of its proprietary ENSCO 7500 semisubmersible rig. The major work scopes include significant life extension work, renewing steel and pipes, operational enhancements, overhauling machinery and expanding and updating the living quarters. ENSCO 7500 has arrived at Keppel FELS, after fulfilling its drilling contract with Chevron in Perth, Western Australia.

"We would like to thank Saipem and Ensco for affirming us with the award of these two new contracts. We remain committed to work shoulder-to-shoulder with our valued customers in the coming months to deliver the projects to their highest satisfaction," added Mr Wong.

The above contracts are not expected to have material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the financial year ending 2010.

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