Keppel FELS books $199 million contract for refurbished and upgraded jack-up rig

kfelsclassbSingapore's Keppel FELS shipyard has secured a contract  worth US$199 million for a high-specification KFELS B Class rig from Safin Gulf FZCO (Safin). Scheduled to be delivered to Safin in third quarter 2012, the rig will be a refurbished and upgraded KFELS B Class jack-up rig that Keppel FELS purchased earlier this year.

The high-specification KFELS B Class rig will be installed with offline stand building features. It will also have a full 15,000 psi BOP system, 70-feet cantilever outreach, with upgraded mud pit storage capacity of 4,000 bbls and be able to accommodate up to 150 personnel.

Mr. Raimonds Namikis, Executive Vice President of Safin said, "The high-specification KFELS B Class is a proven design and with the tight jack-up market, we are delighted to be able to receive it much earlier than if we were to place a new order. In working with Keppel, we are assured of the effectiveness of their proprietary designs and the reliability of their project management. This will enable Safin to meet the needs of our customers and kick start the program of our premium rig fleet."

Mr. Wong Kok Seng, Managing Director of Keppel FELS said, "With the refurbishment and upgrade of this jack-up, we are able to provide a high-specification rig on a fast-tracked schedule. Such jack ups are in high demand, especially for those scheduled for delivery in 2012.

"We are pleased to embark on a new partnership with Safin and look forward to supporting them as they expand their offshore fleet and presence in the Middle East. Our keen understanding of our customers' businesses enables us to anticipate their needs and tailor the appropriate products and services for them. "

Safin Gulf FZCO is part of privately owned Safin GmbH, headquartered in Vienna, Austria.

October 3, 2011

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