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Thursday, 10 October 2013

Keppel AmFELS secures B Class jackup order for Mexico worth US$240 million

Keppel AmFELS LLC, a US-based wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has won a contract from Central Panuco S.A. De C.V., a subsidiary of Mexico's Perforadora Central S.V. De C.V. (Perforadora Central) to build a KFELS B Class jackup rig worth US$240 million, including owner furnished equipment.

Scheduled for delivery in 4Q 2015, the jackup rig is intended for operations in offshore Mexico. Built to Keppel's market-established KFELS B Class design, the rig will be able to operate in water depths of up to 400 feet, drill to depths of 30,000 feet with accommodation for 126 persons and a BOP system of 18-3/4 x 15,000 PSI.

With this latest contract, a total of 13 KFELS B Class jackup rigs have been ordered for the Mexican market since 2010.

Mr Chow Yew Yuen, Chairman of Keppel AmFELS, COO and CEO-Designate of Keppel O&M, said, " This is the fifth jackup that Keppel AmFELS is building for Perforadora Central since 2002. We have steadily built up a strong partnership with them and are pleased that our valued customer is once again entrusting us with a newbuild order for the Mexican market.

"We are very honoured to be building another of our proprietary KFELS B Class jackup rig for them, and we look forward to delivering it in keeping with Keppel's hallmark of safe, on-time and within budget execution."

To date, Keppel AmFELS has completed Tonala, an ultra premium KFELS B Class jackup rig for Perforadora Central in 2004, followed by Tuxpan, a LeTourneau S116E rig in 2010. The Papaloapan jackup, which was ordered by Perforadora Central in March 2011, was successfully delivered in April this year. Currently under construction is the Coatzacoalcos jackup which is on track for completion in 1Q 2014.

A spokesperson from Perforadora Central said, "There is strong demand from PEMEX for high quality rigs and the KFELS B Class is a top class jackup with a proven track record operating in Mexico. Our current KFELS B Class jackup in operation, the Tonala, has been performing outstandingly for PEMEX and we are confident that this next jackup will be just as successful. It is an important addition to our portfolio of premium rigs as we expand our presence to be a leading provider of drilling solutions in Mexico.

"Earlier this year, Keppel AmFELS delivered the Papaloapan jackup to our highest satisfaction and we are certain that this new order as well as the Coatzacoalcos jackup currently under construction will also exceed our expectations. Having worked with Keppel AmFELS for more than 10 years, they have demonstrated their expertise and commitment to always provide the highest standards of service, quality and safety on every project."

Keppel O&M is the leading rig provider to the Mexican market, with a total of 20 projects delivered or on order for Mexico including this new order. Of the 20 projects, 15 are of Keppel's proprietary KFELS B Class design.

Developed by Keppel's technology arm, Offshore Technology Development, the KFELS B Class jackup design provides maximum uptime with reduced emissions and discharges.

The above contract is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.


CW8888's estimated Keppel Order Book


 
 
 
 





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