Marine Log

June 15, 2006

Great Eastern orders jackup

India's Great Eastern Shipping Company Ltd (GE Shipping) has announced that it has placed a new building order for a 350 ft jackup rig with Keppel FELS Ltd., Singapore.

Great Eastern says the decision to place this order forms an integral part of its strategy to participate in the growing offshore Exploration and Production (E&P) arena.

Keppel FELS Ltd (Keppel FELS) says this its fourth order from India for a KFELS B Class jackup rig.

Valued at US$182 million, the rig will be Great Eastern's first newbuild drilling rig and is scheduled for delivery by the fourth quarter of 2009.

It will be customized to meet G.E. Shipping's operational requirements for water depths of up to 350 feet and readily upgradeable to 400 feet. The rig will have capabilities to drill in 30,000 feet water depth and can accommodate 112 men.

K.M. Sheth, Executive Chairman of G.E. Shipping, says:"The exploration and production (E&P) sector is developing rapidly. We want to be able to meet this growth, both in the Indian market as well as globally. "

India's national oil company, Oil And Natural Gas Corporation Limited (ONGC), it aims to double E&P reserves to six billion tonnes by 2020, out of which four billion tonnes are from deep waters.

G.E. Shipping is a regular customer of Keppel Shipyard, which has undertaken repair of tankers, bulk carriers and Liquefied Petroleum Gas carriers for the company since 2002.