December 1, 2004

Keppel wins major PEMEX order

The Keppel SLP Consortium has won a US$164 million contract to build two accommodation platforms in an international tender by PEMEX Exploracion y Produccion (PEP), a subsidiary of Petroleos Mexicanos (PEMEX), Mexico's national oil company.

The Keppel SLP Consortium comprises four partners, namely Keppel Offshore & Marine USA Inc (Keppel O&M USA), SLP Engineering Ltd, Keppel AmFELS Inc and Gulf Island LLC.

Keppel Offshore & Marine (Keppel O&M) will have 60% share of the consortium through its subsidiaries Keppel O&M USA and Keppel AmFELS.

Keppel O&M USA and SLP Engineering will together undertake project management, design & engineering, procurement, hook-up and commissioning of the platforms.

Keppel AmFELS will build the accommodation modules while Gulf Island will fabricate the jackets, piles and deck leg modules. Installation of the jackets and platforms will be undertaken by PEP.

"In Keppel O&M's near market, near customer strategy, our Keppel AmFELS yard in Brownsville, U.S.A., is well positioned for opportunities to service the Mexican offshore oil and gas market," said Tong Chong Heong, Managing Director & Chief Operating Officer of Keppel Offshore & Marine and Chairman of Keppel AmFELS."Keppel AmFELS delivered the jackup drilling rig, TONALA, a KFELS B class, to Perforadora Central for service with PEMEX, earlier this year. With this latest contract, we are glad that we are gaining a foothold in this important market."

The accommodation platforms, to be called HA-KU-S and HA-KU-M, are to be installed in the Ku-Maloob-Zaap field in the Bay of Campeche, Gulf of Mexico, by third quarter of 2006.

Keppel AmFELS and Keppel O&M USA are part of the Keppel Offshore & Marine network of 16 shipyards worldwide.

Based in the U.K., SLP Engineering Ltd.'s main activities are in accommodation platforms and minimal facilities platforms for offshore oil and gas operations. SLP Engineering has undertaken the engineering of the last seven accommodation platforms for PEMEX.

Gulf Island LLC is a specialized fabricator of jackets and other offshore structures in the Gulf of Mexico.

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