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Marine Log

DSS38

August 7, 2006

Keppel O&M to build semi for Brazil

Keppel Offshore & Marine Ltd (Keppel O&M) is to design and build its first drilling rig for deployment in Brazilian water,

Brazilian drilling contractor Queiroz Galvao Perfuracoes (QGP has placed a $270 million contract that will see Keppel FELS Limited to build a semisubmersible (semi) drilling platform, with the owner supplying the drilling and subsea equipment.

The rig will be built based on a fifth generation deepwater solution, the DSSTM 38.

The rig, which will be delivered in third quarter 2009, is expected to support Petrobras' aggressive plan to improve its hydrocarbons production and reserves in Brazil and elsewhere in the region.

The DSSTM series of semisubmersbile rigs is jointly designed by Keppel O&M's Deepwater Technology Group (DTG) and Marine Structures Consultants of The Netherlands, a member of the SBM Offshore Group.

Mr Tong Chong Heong, Managing Director/Chief Operating Officer of Keppel O&M, said, "I am glad that QGP finds the DSSTM 38 rig design a suitable solution for Petrobras after due diligence studies. I am confident that this rig will deliver on its promise, and pave the way for more drilling rig orders from the region."

The DSSTM 38 semisubmersible drilling rig has been developed to meet operational requirements in the deepwater "Golden Triangle" region, comprising Brazil, Africa and the Gulf of Mexico.

Mr Tong said, "We expect deepwater E&P to continue unabated in this region as major oil companies push ahead with their plans to increase and replace capacities. Rigs required to support such deepwater searches have to be technically more sophisticated and cost-effective."

"As a shipyard with an in-depth understanding of the requirements," said Mr. Tong, "we have developed a series of rig solutions, with the DSSTM 38 being one of the latest designs created. The feedback received from the owners, operators and the building experience gained from the construction of the DSSTM 20, DSSTM 21 and DSSTM 51 submersible rigs have gone into the technology and design of the DSSTM 38."

The DSSTM 38 is rated to drill to depths of 30,000 feet below mud line in just over 9,000 feet water depth. It is 99.5 meters in overall length, with a main deck size of 69.5 metres wide by 69.5 metres breadth. Its maximum operational displacement is approximately 40,000 tonnes at a draft of 20.5 metres.

The maximum variable deck load of the DSSTM 38 is 5,500 tonnes, with accommodation facilities housing a crew of up to 130 men. It has both vertical and horizontal riser storage.

The eight 3000kW azimuthing thrusters configuration is designed to keep the vessel in position. All configurations comply with the American Bureau of Shipping Dynamic Positioned System (DPS-2) requirements.

DSSTM 20 rig, Maersk Explorer, is currently operating in the Caspian Sea for Maersk Contractors, and its performance has led the drilling operator to order two more rigs, the DSSTM 21.

GlobalSantaFe picked the DSSTM 51 rig, presently under construction, for their requirements. The DSSTM 21and DSSTM 51 designs have Dynamic Positioning systems.

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