Jackup rig order for Keppel FELS shipyard

Asia Offshore Drilling Limited (AOD) recently exercised its first of two options worth $184 million to build a high-specification KFELS B Class jackup rig at Singapore’s Keppel FELS shipyard. AOD must still enter into a contract to finalize the order.

The rig will be capable of operating in water depths of 350 feet, drilling to 30,000 feet. It will be the third KFELS B Class jackup ordered from Keppel FELS and is scheduled for delivery in the third quarter of 2013. The other two KFELS B Class jackup rigs will be delivered in the fourth quarter of 2012 and the second quarter of 2013.

Overall, once the contract is finalized, Keppel FELS will have 19 of these high-specification jackups on order.

Last week, AOD announced the completion of a private placement that will result in publicly traded Mermaid Maritime and Seadrill Ltd. each having a 33.75% equal shareholding ownership in AOD.

AOD chairman M.L. Chandchutha Chandratat, said, “We continue to see bifurcation in the jackup market. Oil companies are showing a preference for high specification jackups for which the KFELS B Class stands out as a choice design. We are therefore strengthening our position as an Asian drilling company with our third KFELS B Class rig order.”

July3, 2011