Keppel FELS books another jack-up rig order

The jack-up ordering spree continues. Singapore’s Keppel FELS Limited has secured its fourth order for a KFELS B Class jack-up within the span of a month. Worth about US$180 million, the order comes from Jasper Investments Limited and includes an option for another similar unit. The rig is slated for delivery in the second half of 2012. It will be able to operate in water depths of 400 feet, drill 30,000 feet deep and accommodate 150 men.

If exercised, the option for the additional rig will bring the total contract value to about US$365 million.

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 which says it has extensive experience in the oil and gas businesses.

Mr. Geoffrey Yeoh, Executive Director of Jasper, said, “as confidence returns to the global oil and gas industry, we are stepping up our building program to tap into opportunities fuelled by persistent demand for new-generation, high-capability rigs.

“Our partnership with a world-class rig builder and designer like Keppel FELS will strengthen our position to participate in high value projects that will give Jasper a firm foothold in the offshore drilling sector. The addition of the industry-proven KFELS B Class jackup rig will boost the capability of our premium fleet, with which we are confident of delivering high performance and value to our customers.”

December 22, 2010