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Monday, 3 October 2011

Keppel FELS wins order for Safin’s first KFELS B Class jackup rig worth US$199 million

Keppel FELS Limited (Keppel FELS) has secured a contract for its high-specification KFELS B Class rig from Safin Gulf FZCO (Safin) worth US$199 million.


Scheduled to be delivered to Safin in 3Q 2012, the rig will be a refurbishment and upgrade of a KFELS B Class jack-up rig that Keppel FELS purchased earlier this year.

The high-specification KFELS B Class rig will be installed with offline stand building features. It will also have a full 15,000 psi BOP system, 70-feet cantilever outreach, with upgraded mud pit storage capacity of 4,000 bbls and be able to accommodate up to 150 personnel.

Mr Raimonds Namikis, Executive Vice President of Safin said, "The high-specification KFELS B Class is a proven design and with the tight jack-up market, we are delighted to be able to receive it much earlier than if we were to place a new order. In working with Keppel, we are assured of the effectiveness of their proprietary designs and the reliability of their project management. This will enable Safin to meet the needs of our customers and kick start the programme of our premium rig fleet."

Mr Wong Kok Seng, Managing Director of Keppel FELS said, "With the refurbishment and upgrade of this jackup, we are able to provide a high-specification rig on a fast-tracked schedule. Such jack ups are in high demand, especially for those scheduled for delivery in 2012.

"We are pleased to embark on a new partnership with Safin and look forward to supporting them as they expand their offshore fleet and presence in the Middle East. Our keen understanding of our customers' businesses enables us to anticipate their needs and tailor the appropriate products and services for them. "

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

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