Keppel FELS books $180 million jack-up order

KFELSsuperBSingapore's Keppel FELS has secured a $180 million contract to build a KFELS B Class jack-up drilling rig for Vision Drilling, a wholly-owned subsidiary of Dynamic Offshore Drilling Ltd.

Slated for delivery from the shipyard in the first quarter of2013, the rig will be able to operate in water depths of 350 feet with a drilling depth of 30,000 feet and accommodate 120 personnel.

Dynamic Offshore Drilling has the option to build an additional rig that must be exercised before 3Q2011.

Mr. Naresh Kumar, Chairman of Dynamic Offshore Drilling, said, "While this is Dynamic Offshore's first collaboration with Keppel FELS, we are no strangers to its excellent project execution and dedication to safe, on-time and within-budget deliveries. My team and I have previously worked very closely with the Keppel FELS team on two KFELS B Class jack-up rigs which have been deployed under long term contracts with strong day rates with a Fortune 500 National Oil Company.

"After the Gulf of Mexico oil spill, oil companies around the world prefer newbuild premium rigs with enhanced safety features and equipment reliability. With over 60 percent of the current Jack up fleet over 25 years old, it is an impetus for us as experienced drilling contractors to invest in premium high quality jackups with the world's leading shipyard. We are looking forward to build a number of rigs with the strong partnership of Keppel FELS in the years to come".

Dynamic Offshore Drilling's rig is equipped with enhanced features to expand the operational coverage of the rig. Provisions have been made for the rig to work in high pressure high temperature (HPHT) environments and have Offline Stand Building capabilities.

May 23, 2011

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