The rig will be duilt to KFELS B Class design and will be able to operate in water depths of 400 feet and drilling depths of 30,000 feet.
Standard Drilling also has the option to build two more jackups, which if exercised,will bring th total contract value to about $550 million, said Keppel in a statement.
The first rig is due for delivery in the second half of 2012.
Standard Drilling is fully owned subsidiary of Norwegian investment company Ferncliff TIH.
"We are seeing activities and opportunities in the jackup market recovering quickly and are positive that this demand for newer, safer, high-specification jackups will be sustained, given the growing need worldwide for premium units with capabilities to operate safely in more challenging locations,” said chief executive of Ferncliff Martin Nes.
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