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Friday, 22 October 2010

Keppel FELS enters into Letter of Intent with Mermaid for two newbuild jackup rigs worth US$360 million

Createwealth8888: Kep Corp playing catch up with SML?

Singapore, 22 October 2010 – Keppel Corporation Limited wishes to announce that its wholly-owned subsidiary, Keppel FELS Limited (“Keppel FELS”), has entered into a Letter of Intent with Mermaid Maritime Public Company Limited (“Mermaid”) to build two KFELS B Class jackup rigs worth US$360 million. In addition to these, Mermaid will have options to build another two similar jackup units.

In the event that the proposed deal proceeds, the first two jackup rigs will be scheduled for delivery on 1 December 2012 and 1 March 2013 respectively. If exercised, the options for the additional two rigs are expected to bring the total contract value to above US$700 million.

Further announcement will be made in due course if and when the rig construction and option contracts are executed.

The Letter of Intent with Mermaid is not expected to have any material impact on the net tangible assets or the earnings per share of Keppel Corporation Limited for the current financial year.

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