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Tuesday, 9 April 2013

Keppel secures repeat jackup order from Ensco worth about US$225 million

It is the 61st KFELS B Class Jackup ordered since 2000
 
 
 Keppel FELS Limited (Keppel FELS), a wholly-owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has secured a contract to construct a KFELS B Class jackup rig, ENSCO 110, from Ensco plc (NYSE: ESV). The construction cost, together with the commissioning, systems integration testing and project management is expected to be approximately US$225 million.

When completed in 1Q 2015, it will be the fourth KFELS B Class Bigfoot jackup rig in Ensco's fleet. Keppel has built a long-term partnership with Ensco having delivered 16 newbuild projects to them with another four on order, including this latest contract.

Mr Tong Chong Heong, CEO of Keppel O&M said, "We are glad to have long-standing customer Ensco reaffirm their confidence in our capabilities and rig design. The KFELS B Class is a proven design which is today the industry benchmark. We are honoured that Ensco, one of the world's leading offshore rig operators, has been a tremendous supporter of our proprietary designs and look forward to supporting them in the growth of their premium rig fleet."

The cost-effective and high-performance KFELS B Class Bigfoot rig is able to operate in water depths of up to 400 feet and drill to 30,000 feet deep. ENSCO 110 will have a nominal variable deck load of 7,500 kips and a cantilever load of 2,500 kips. It will also feature a 1.5 million-pound derrick, TDS-8 top drive and 15k BOP. Ensco has customised the rig to add dual drilling fluid capability and to upgrade the living quarters to 6 one-person and 67 two-person rooms.

Mr Dan Rabun, Chairman and CEO of Ensco plc, said, "We see that customer demand in the premium jackup market is very strong and new construction is a key element of Ensco's continuous high-grading strategy. Our three KFELS B Class Bigfoot rigs have proven to be highly efficient drilling platforms with industry-leading features for safety and environmental friendliness. We have built a strong relationship with Keppel FELS and the three ENSCO 120 Series rigs they are currently building for us based on the KFELS Super A Class design are testament to this."

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 Kep Corp's Order Book
 

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