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23 Nov 2009

Keppel to build Vietnam’s first semi-submersible drilling tender for about US$200 million

PV Drilling issues Letter of Award to Keppel FELS for the proven KFELS SSDT 3600E design.

The formal contract for the rig is expected to be finalised shortly in December 2009. Targeted for delivery in the fourth quarter of 2011, this tender assist rig will be built to Keppel’s award-winning KFELS SSDT 3600E design.

Mr Tong Chong Heong, CEO of Keppel Offshore & Marine (Keppel O&M), parent company of Keppel FELS, said, “We are pleased that PV Drilling has chosen to reinforce our strong partnership with a contract to build a landmark rig for them.

“They have made the right choice in selecting the KFELS SSDT 3600E, which has a proven track record for operational performance and Health, Safety and Environment. We are confident that this rig will perform to their highest satisfaction, and look forward to deliver her on time, within budget and without incidents.”

Developed by Keppel O&M’s Deepwater Technology Group (DTG), the KFELS SSDT 3600E design has revolutionised the way in which drilling tenders work, allowing them to be deployed next to deepwater floating platforms for the first time. This groundbreaking series, with their enhanced capabilities, can operate and maintain station keeping in deep waters of up to 5,000 ft alongside Spars and Tension Leg Platforms.

Highly suitable for offshore Vietnam’s harsh environment, the KFELS SSDT 3600E features an 8-point mooring system, which allows the rig to maintain its position amidst currents of up to 6 knots.

The KFELS SSDT 3600E was conferred the Shell Rig Award in 2004 and 2006. In 2009, the design was recognised by the Institution of Engineers Singapore for its eco-friendly features, which have contributed significantly to sustainable operations, as well as the safety and well-being of rig crew.

With a proven track record, this versatile design has gained momentum in the international market for its resilience and suitability for operations in a variety of challenging environments across the world. Keppel FELS has delivered five such units since 1994, all of which have been deployed in both shallow and deep waters off Southeast Asia and West Africa.

Keppel FELS has been involved in the Vietnamese offshore market for about 25 years. During this time, it has completed several milestone projects including the Hoang Sa, a 1,200-tonne floating crane in 1984 and Vietnam’s first jackup rig, the Tam Dao I for VSP in 1988.

Prior to the new tender assist rig, Keppel FELS was also engaged to build PV Drilling’s modern fleet of three KFELS B Class jackup rigs. The rigs have been delivered ahead of schedule and with outstanding safety records, the latest being PV Drilling III in November 2009.

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

About Keppel FELS

Keppel FELS is a wholly-owned subsidiary of Keppel Corporation, through Keppel O&M, a leader in offshore rigs, shiprepair and conversion and specialised shipbuilding. Keppel O&M's 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 PetroVietnam Drilling and Well Services Corporation

The experiences of PV Drilling can be traced back to the establishment of PTSC Offshore Services, as a division of Petroleum Technical Services Company, in 1994. After more than a decade of development, PV Drilling has quickly expanded its portfolio of services to include drilling, manpower provision, well services, tubular inspection and other activities related to a drilling campaign. These services remain at the heart of the company and play an important role in the development of PV Drilling as a major service provider to the oil and gas industry in Vietnam.