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Marine Log

March 8, 2007

Keppel FELS delivers Vietnam rig ahead of schedule

PV DRILLING I Singapore's Keppel FELS Limited (Keppel FELS), a wholly-owned subsidiary of Keppel Offshore & Marine Limited (Keppel O&M), has delivered PV DRILLING I, a KFELS B class jackup rig, to PetroVietnam Drilling and Well Services Joint Stock Company.

The unit, which was contracted for on February 2005 was delivered to its owner on March 7, 2007--within budget and two months ahead of the contractual delivery schedule.

Keppel FELS' ability to deliver ahead of schedule has enabled PV DRILLINg I to start work earlier for Hoan Vu Joint Operating Company.

At the naming ceremony at Keppel FELS in Singapore today, Mr Choo Chiau Beng, Chairman and CEO of Keppel O&M, said, "To deliver a rig two months early during this very busy period in the market is something special. It demonstrates the strong core values and close collaboration of both our companies. We have developed a strong working relationship characterised by teamwork, flexibility and mutual understanding."

Delivery was accomplished without any lost time incident in over 2.5 million man-hours of work.

Built to Keppel's proprietary design, the KFELS B Class rig is PV Drilling's first newbuild jackup.

PV DRILLING I is customized to PV Drilling's specifications for operations in water depths of up to 300 feet and drilling depths of down to 20,000 feet.

The rig can accommodate up to 110 men and is readily upgradeable for higher drilling capabilities in water depths of up to 350 feet. It will be deployed offshore Vietnam.