Jasper exercises option for second jack-up from Keppel FELS

Jasper Investments Limited (Jasper) has exercised its option with Singapore’s Keppel FELS Limited shipyard to build a second KFELS B Class jack-up rig at US$180 million for delivery in first half 2013.

The single-rig option was given to Jasper when it ordered its first jack-up from Keppel FELS in December 2010. Like that rig, Jasper’s latest unit will be able to operate in water depths of 400 feet, drill 30,000 feet deep and accommodate 150 men.

Jasper Investments is a Singapore-listed holding company that invests mainly in the offshore oil and gas drilling and services sector. Its principal subsidiary, Jasper Offshore, owns and operates oil rigs for deep sea drilling that it contracts out to oil and gas exploration and production companies. Major shareholders in Jasper include investment funds managed by London-listed Ashmore Investment Management Limited. Ashmore is an emerging market fund specialist swith extensive experience in the oil and gas businesses.

Mr. Wong Kok Seng, Managing Director of Keppel FELS, said, “Including this latest contract from Jasper, we have secured 17 jack-up rigs since November last year. Of these, 14 are proprietary Keppel designs. These include 10 KFELS B and Super B Class rigs.

Mr. Geoffrey Yeoh, Executive Director of Jasper, said, “With rapidly increasing demand in the market for safer and more capable rigs, this is the opportune time to expand our fleet and increase our solutions for the offshore industry. We are pleased to be able to build another rig to the highly-rated KFELS B Class design with Keppel FELS.”

April 3, 2011