Keppel wins fourth rig from SeaDrill
Posted: 27 March 2006
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Keppel Fels has secured a $132 million contract from a SeaDrill for a KFELS B class jackup rig. Delivery of this new order is expected in the second quarter of 2008.
This order was secured via an option given to Odfjell Partners when it ordered its first rig in March 2004. Odfjell placed an order for its second rig in March 2005. In mid 2005, SeaDrill acquired Odfjell Invest and was given the right to exercise Odfjell’s option with Keppel Fels.
John Fredriksen, Chairman of SeaDrill, said in a comment, “We are delighted to have signed another new building contract with Keppel FELS. A competitive price, a good delivery position and a very capable yard, makes this into a solid financial deal. The ordering of the unit further strengthens SeaDrill/Smedvig ASA’s position as a serious and committed owner and operator of modern high end drilling equipment”.
SeaDrill is also affiliated to Cyprus-registered Seatankers Management Co. Ltd (Seatankers), which had earlier placed one jackup order with Keppel FELS. Ownership of this rig has been assigned to SeaDrill.
With these developments and including the latest contract, Keppel FELS will to date be building four jackup units for SeaDrill.
Choo Chiau Beng, Chairman and CEO of Keppel Offshore & Marine Limited (Keppel O&M), said, “We are glad to participate in SeaDrill’s vision of building a fleet of premium drilling rigs. We are committed to deliver on time and on budget the four KFELS B class jackup rigs which have a proven track record of highly successful operation in different parts of the world.”
Like the three jackups, this new rig will be of the KFELS B Class design. It is capable of operating in water depths of up to 400 feet, drilling depth of 30,000 feet and accommodating 112 men.
Work on SeaDrill’s first three rigs is progressing well at Keppel Fels yard. The first rig, SeaDrill 3, is scheduled for delivery in May this year. Upon delivery, she will be chartered to Total Fina Elf in Nigeria at a rate of US$166,000 per day for two years.
Keppel Fels is a wholly-owned subsidiary of Keppel Corporation, through Keppel Offshore & Marine, a leader in offshore rigs, shiprepair and conversion and speci alised shipbuilding. Keppel O&M’s near market, near customer strategy is bolstered by a global network of 17 yards in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions. Integrating the experience and expertise of its yards worldwide, the group aims to be the provider of choice and partner in solutions for the offshore and marine industry.
SeaDrill is a Bermudian company listed on the Oslo Stock Exchange. With this order, SeaDrill has five jackup rigs, four semisubmersibles and two drillships under construction. The Company has also recently acquired 53% and control in the well known Norwegian drilling contractor Smedvig ASA.
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