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10 Jul 2012

Keppel Kazakhstan and consortium partner secure KFELS B Class jackup contract for US$242 million

Keppel Kazakhstan LLP (Keppel Kazakhstan) and its consortium partner Ersai Caspian Contractor LLC, Kazakhstan (Ersai Caspian Contractor), have secured a contract from Teniz Burgylau LLP (Teniz Burgylau), an indirect wholly-owned subsidiary of JSC NC "KazMunayGas" (KazMunayGas) of Kazakhstan, for a KFELS B Class jackup rig worth US$242 million.

Scheduled for delivery in 1Q 2015, the jackup rig will be deployed in the Caspian Sea when completed. The work scope of the rig will be shared equally among the two members of the consortium. According to the Oil and Gas Journal dated January 2010, Kazakhstan's proven oil reserves was estimated at 30 billion barrels and its natural gas reserves at 85 trillion cubic feet.

Mr Chow Yew Yuen, Chief Operating Officer of Keppel Offshore & Marine (Keppel O&M) which is a 50% shareholder of Keppel Kazakhstan, said, "We are pleased that Kazakhstan's Teniz Burgylau has placed their confidence in our yard in Kazakhstan and in our proven KFELS B Class design. With Kazakhstan's vast oil and gas reserves, our yard in Kazakhstan, which has been operating in Aktau since 2003, stands ready to support the country as it unlocks and realises its production potential.

"Together with our consortium partner, we at Keppel look forward to delivering a high quality rig to Teniz Burgylau safely, on time and within budget. With 34 rigs in operation and another 19 on order, the KFELS B Class design has been the rig of choice for drilling."

Mr Nurlan Bekzhanov, General Director of Teniz Burgylau said, "Kazakhstan aims to steadily increase its oil and gas production to become one of the world's top oil and gas producers and exporters. Teniz Burgylau is grateful to its shareholders KazMunayGas and KazMunayTeniz for the given opportunity to contribute towards this target by stepping up our drilling operations. For our rig, we have decided on the KFELS B Class jackup design as it is an industry benchmark for such rigs. With the established track record of Keppel O&M as the world's leading offshore rig designer and builder, and its presence in Kazakhstan, we believe we have chosen the right partners to provide our first jackup drilling rig."

This KFELS B Class jackup, designed for the Caspian Sea, is able to operate in water depths of 262 feet, upgradeable to 400 feet, and can drill to depths of a maximum of 20,000 feet. This rig will incorporate Keppel's advanced and fully-automated high capacity rack and pinion elevating system, and Self-Positioning Fixation System. It will provide maximum uptime with reduced emissions and discharges.

Keppel Kazakhstan's track record of projects include the fabrication of a series of Pipe Rack Modules, Pontoons, Hook Up Structures and the building of seven Ice Class Self Ballasting Transportation Barges for Agip Kazakhstan North Caspian Operating Company (Agip KCO), for the Kashagan field development. Keppel Kazakhstan is also the first yard to launch a steel floating vessel into the Caspian Sea in Kazakhstan.

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 Keppel Kazakhstan
Keppel Kazakhstan is an associated company of Keppel O&M, a wholly-owned company of Keppel Corporation Limited.

Keppel Kazakhstan was founded in 2003 to service the oil majors operating in Kazakhstan. Featuring modern and well-maintained facilities such as a launching way, a load-out quay, a sizeable berth space and covered workshops, Keppel Kazakhstan provides a range of high quality offshore services. Owing to its strategic location in the seaport of Aktau City, the yard also serves as an offshore supply and logistics base, as well as a core offshore construction hub for the Kashagan field.

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.

About Teniz Burgylau
Teniz Burgylau was founded in April of 2008. The main activity of Teniz Burgylau is the drilling of exploration, appraisal and production wells in the Caspian Sea. The company plans to commence operating a submersible drilling barge in the Kazakhstani Sector of the Caspian Sea in 2012.

Teniz Burgylau is a wholly-owned subsidiary of offshore company KazMunayTeniz JSC, which carries out offshore oil operations in the Caspian Sea through efficient management of offshore projects.

KazMunayTeniz JSC is a 100% subsidiary of NC KazMunayGas JSC. National Company KazMunayGas JSC is a Kazakh national operator for exploration, production, processing and transportation of hydrocarbon. 100 percent of the shares of NK KazMunayGas JSC are owned by the National Welfare Fund Samruk-Kazyna JSC.

For further information, please contact:

Eva Ho
Deputy General Manager
Group Corporate Communications             
Keppel Corporation
Tel: (65) 64136 424
HP: (65) 96176 234

Investor Relations:
Chua Ying Ying
Assistant General Manager
Group Corporate Communications
Keppel Corporation
Tel: (65) 64136 295