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February 24, 2004

Keppel units win $101 million orders

Keppel Offshore & Marine Ltd (Keppel O&M) has secured a total of S$172 (US$101.5 million)million worth of contracts through its wholly owned subsidiaries, Keppel Singmarine Ltd and AMFELS in the U.S.A.

AMFELS has won a contract to upgrade a jackup rig for repeat customer, ENSCO Offshore Company (ENSCO).

Scheduled for delivery in the fourth quarter of 2004, Ensco 68 will be converted from a slot to cantilever jackup rig, with leg extension and capability enhancement.

ENSCO, headquartered in Dallas, Texas, provides contract drilling services to the international petroleum industry. Earlier this month, ENSCO announced it had entered into an agreement with Keppel FELS for the construction of a new high performance premium jackup rig. The three rigs to be exchanged are ENSCO 55, a 300 ft Friede & Goldman 780 Mod II jackup rig built in 1981, and two Gulf of Mexico platform rigs, ENSCO 23 and ENSCO 24, built in 1980. The new premium jackup rig, to be named ENSCO 107, is an enhanced KFELS MOD V (B) design modified to ENSCO specifications. The rig is a sister rig to ENSCO 106, a joint venture project with Keppel FELS, which is currently under construction in Singapore. ENSCO 106 is expected to be delivered by year-end, and delivery of ENSCO 107 is expected in late 2005.

The Keppel Singmarine contracts include four Anchor Handling Tug/Supply (AHTS) vessels for Groupe Bourbon and four harbor tugs for Keppel Smit Towage.

Deliveries of the eight vessels are slated progressively between the third quarter of 2004 and first quarter 2006.

With these contracts, Keppel Singmarine has a current order book of 20 vessels, effectively positioning the company as a leading builder of offshore support vessels in the world. The company has built more than 300 vessels since the early 1970s.

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