December 8, 2004

Jackup order for Keppel FELS

Keppel FELS Ltd, a wholly-owned subsidiary of Singapore's Keppel Corporation Ltd, has secured a contract to build a KFELS B Class jackup valued at US$110 million for Gulf Drilling International Limited (GDI), Qatar's first national drilling company.

GDI is a 60/40 joint venture established in May 2004 by Qatar Petroleum and Japan Drilling Company. The Doha-based JV is acquiring used and newbuild rigs to meet the escalating demands for drilling rigs in Qatar and region.

The jackup, GULF-4, will be built to Keppel FELS' proprietary design. It will be capable of operating in 300 feet water depth, drilling down to 30,000 feet and accommodating 110 persons.

Mr Abduljabbar Saifaldeen, Managing Director of GDI, said, "It is very important for us to work with the right yard to build GDI's first ever jackup."

"Keppel FELS comes with strong credentials both with its successful newbuilding track record, and its B Class jackup rig design which has been tried and tested in the market," he continued. "Keppel FELS has also provided GDI with a competitive bid among several internationally reputed bidders."

To date, all four KFELS B Class jackups have been successfully deployed in different parts of the world, with six more currently under construction at Keppel FELS.

GULF-4, when delivered in the fourth quarter of 2006, will add to Keppel's track record of 11 KFELS B Class in the market since its introduction in year 2000.

Mr Tong Chong Heong, Managing Director and Chief Operating Officer of Keppel Offshore & Marine (Keppel O&M), said, "This new contract is significant as it further establishes Keppel Offshore & Marine's footprint in the Arabian Gulf."

Keppel O&M has built a good track record in the region. Among its work-in-progress are the construction by Keppel FELS of a jackup rig, Al Hail, for Abu Dhabi's National Drilling Company (NDC), and the upgrading and refurbishment by associate Arab Heavy Industries P.J.S.C. (AHI) of two jackups, GULF-2 and NPCC SEP-350 for GDI and National Petroleum Construction Company respectively

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