Keppel Corporation secured four new rig contracts worth over US$1 billion within one month. Keppel Corp 2007’s rig order book total amount has reached US$3.3 billion.
Keppel Corp’s subsidiary Keppel FELS has secured two rig contracts amounting to US$534 million (approximately US$820 million). The first contract, worth US$400 million, is the construction of a jackup rig for Norwegian Skeie Drilling and Product. The second contract is from Seadrill Asia Limited for a semisubmersible drilling tender at US$134 million.
Keppel FELS announced a US$427 million contract and a US$191 million contract at 7th June and 28th May. Keppel FELS has secured US$1.152 billion contract within the past one month.
The first contract is Keppel FELS’s third KFELS N Class jackup rig contract for Skeie Drilling and Production. The new rig is expected to be delivered in the fourth quarter of 2010.
Said Mr Choo Chiau Beng, Chiarman & CEO of Keppel Offshore & Marine, parent company of Keppel FELS, “Having three KFELS N Class orders in less than half a year is strong endorsement for this innovative design. It reinforces our confidence that the rig has what it takes to meet market requirements for highly robust rigs in the North Sea type of conditions.”
The Second rig contract is from repeat customer. Slated for delivery at end 2009, the drilling tender will be built to Keppel FELS’s proprietary design, the KFELS SSDT™ 3600E.
Mr Choo Chiau Beng said, “We are glad to continue our support of Seadrill in meeting their drilling requirements by delivering quality products on time and within budget. It is our aim to be the service provider of choice for our customers through innovation, engineering and excellent execution of projects.”
The contracts are not expected to have any material impact on the net tangible assets earnings per share of Keppel Corporation Limited for the financial year ending 31 December 2007.
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