Floatel orders another semi from Keppel FELS shipyard

floatelAUGUST 20, 2013— Floatel International (OSE:FLOAT) has signed a contract with Singapore's Keppel FELS Limited to build its fifth semi-submersible accommodation vessel, due for delivery in December 2015.

The value of the turn key contract is $280 million.

The Keppel FELS shipyard previously delivered the accommodations semis, Floatel Superior, and Floatel Reliance in 2010 and is currently constructing two more – Floatel Victory and Floatel Endurance. The new semi will be a sister vessel to Floatel Victory and will be built to the shipbuilder's proprietary SSAU 5000NG design.

The new semi will incorporate the latest technology such as DP3 and enhanced station-keeping, enabling it to operate securely alongside fixed and floating platforms (including Floating Production, Storage and Offloading Vessels), with a full complement of deck cranes, large open deck area, workshops and fire fighting capabilities.

It will have the capacity to accommodate 500 persons in single and double bed cabins, ample recreation areas as well as office facilities for client use and will meet the most stringent rules and regulations for worldwide operation.

Mr. Wong Kok Seng, Managing Director (Offshore) of Keppel Offshore & Marine and Managing Director of Keppel FELS, said, "We have a strong track record in the design and construction of accommodation semis. This fifth order is a reflection of the win-win partnership we have built with Floatel, the strength of our rig designs and the reliability of our execution. The SSAU 5000NG is customized for operations in deep and harsh environments with world class safety and efficiency."

Mr. Peter Jacobsson, CEO of Floatel, said, "Floatel Superior and Floatel Reliance, which are in our operating fleet, are both committed on long term contract and our two new buildings, Floatel Victory and Floatel Endurance are committed for work immediately on delivery. This latest order is another significant addition to our fleet of high end accommodation vessels which will further enhance our offerings to the market."

Floatel Superior is presently operating for Statoil in the North Sea. Floatel Reliance is designed for medium harsh environment delivered October 2010 and commenced a 5 year charter for Petrobras January 2011. Floatel Victory and Floatel Endurance are presently under construction at Keppel FELS and are due for delivery November 2013 and January 2015 respectively. Both vessels are contracted immediately on delivery.

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