Title XI Funding
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Marine Log

April 16, 2007

Keppel FELS to build $305 million floatel

Keppel FELS Limited (Keppel FELS), a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has secured a US$305 million contract to construct a 440-man North Sea accommodation semisubmersible for Floatel International (Floatel).

The contract is subject to certain conditions being met by April 30, 2007.

The new generation floatel will be built to the DSS20NS DP3 design, co-developed by Keppel's R&D arm, Deepwater Technology Group and Marine Structure Consultants.

Floatels provide accommodations for the additional workforce required for offshore construction, maintenance services or platform decommissioning work. They also provide construction support with their large deck area and crane support for the handling of goods and materials.

Mr Peter Jacobsson, CEO of Floatel International, said,"The existing fleet of floatels has an average age of 25 years. This will not be able to satisfy the growing demand for safe and reliable offshore accommodation services, both in terms of number of units, as well as their quality."

He said that increased investments in new deepwater and harsh environment developments will require new, high specification DP3 floatels.

"The new floatel will be the industry’s first for the North Sea in more than 20 years," said Jacobsson. "As such, we recognize the importance of working with a proven shipyard capable of delivering quality projects."

Mr Choo Chiau Beng, Chairman & CEO of Keppel O&M, said, "There is a strong demand for accommodation floaters worldwide. We have developed the DSS20NS DP3 accommodation semi design in anticipation of this need."

The innovative DSS20NS DP3 design is a combination of the tried and tested DSSTM 20 semisubmersible drilling rig design and the SSAUTM 3600 accommodation semi. Keppel FELS has previously built the Maersk Explorer and the Safe Concordia based on the two respective designs.

On delivery in the second quarter of 2010, the new floatel will meet the most stringent rules and regulations for worldwide operation including the Norwegian North Sea sector with accommodations for 440 men. It will also be the first floatel to be equipped with DP3 (Dynamic Positioning 3) capabilities, resulting in a safer, environmentally friendly, and more optimal and reliable unit.

The new generation DSS20NS DP3 will also provide the following benefits to its operator:

  • Superior motion characteristics
  • High deck-load capacity
  • Large open deck space
  • Superior one-man cabin accommodations and recreation facilities
  • Ample office space, workshop and construction facilities