03 Apr 2011

Keppel secures repeat jackup rig order from Jasper at US$180 million

Jasper Investments Limited (Jasper) has exercised its option with Keppel FELS Limited (Keppel FELS) to build a second KFELS B Class jackup rig at US$180 million for delivery in 1H2013.

The single-rig option was given to Jasper when the customer ordered its first jackup from Keppel FELS in December 2010.

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

"We are pleased that Jasper has reaffirmed its confidence in our proprietary technology and execution expertise by exercising the option for a second KFELS B Class jackup rig. We look forward to deliver both its world class rigs safely, on time and within budget."

Similar to its first jackup 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.

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.

"Teaming up with the world's leading rig designer and builder enables us to offer reliable, safe and high quality products to meet the most stringent requirements of the market. Building our first KFELS B Class rigs at Keppel FELS is an important step for Jasper in growing our presence in the offshore drilling market."

The above contract is not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year

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About Jasper Investments Limited

Jasper Investments Limited is a holding company listed on the SGX since 1993 which principally invests in the offshore oil and gas drilling and services sector. Jasper's principal subsidiary, Jasper Offshore, owns and operates oil rigs for deep sea drilling which are contracted out to oil and gas exploration and production companies. For more information on Jasper Investments, please visit www.jasperinvests.com

About Keppel FELS

Keppel FELS is a subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), a wholly-owned company of Keppel Corporation Limited. Keppel O&M is a leader in offshore rig design, repair and construction, ship repair and conversion and specialised shipbuilding. Its near market, near customer strategy is bolstered by a global network of 20 yards and offices 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 for solutions for the offshore and marine industry.

For more information on Keppel FELS, please visit www.keppelfels.com

For further information, please contact:
Roy Tan
Assistant Manager
Group Corporate Communications
Keppel Corporation Limited
Tel: (65) 64136 421
Email: roy.tan@kepcorp.com