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12 Feb 2011

Keppel to deliver second DSSTM 38 deepwater rig ahead of schedule to Brazil

Keppel FELS Limited (Keppel FELS) is on track for an early and safe delivery of Alpha Star, the second of two DSSTM 38 semisubmersible rigs, to Brazil's Queiroz Galvão Óleo e Gás (QGOG).

Keppel FELS was awarded a total of S$40,000 in safety bonuses from QGOG for the strong safety performance during the construction phase. The rig has been chartered by Petrobras for six years to support exploration and production activities offshore Brazil.

Mr Tong Chong Heong, CEO of Keppel FELS' parent company, Keppel Offshore & Marine, said, "The Alpha Star is a shining example of great teamwork and reflects a complete alignment of goals and priorities between Keppel FELS and QGOG. Together, we have successfully achieved an efficiency boost of 20% on this second rig, without compromising the safety of our people and workplace.

"We are confident of delivering Alpha Star well in advance to our valued customer, and look forward to the moment when it starts to contribute actively to Brazil's exploration and production efforts."

Alpha Star was named today at Keppel FELS by Lady Sponsor, Mrs Ana Maria Elia de Queiroz Galvão, spouse of Mr Ricardo Galvão, Co-Chairman of Queiroz Galvão Group. The event was witnessed by Guest-of-Honour, Mr S Dhanabalan, Chairman of Temasek Holdings.

Mr Antonio Augusto de Queiroz Galvão, Chairman of Queiroz Galvão Group, said, "Keppel FELS has proved to be a winning partner for QGOG. We have worked together on several newbuilding, upgrading and repair projects. Keppel's commitment to deliver high quality has been unequivocal across its yards in Singapore and Brazil.

"The smooth construction of Alpha Star validates our trust in Keppel. We are confident that Alpha Star will follow in the footsteps of its sister rig, the DSSTM 38 Gold Star, which is turning out stellar performances for Petrobras in Brazil."

Jointly developed and owned by Keppel's Deepwater Technology Group and Marine Structure Consultants, the DSSTM 38 design is in the league of some of the world's most advanced drilling semisubmersibles.

DSSTM 38 is rated to drill 30,000 feet below mud line in over 9,000 feet water depth. It has an operational displacement of over 38,000 tonnes and can accommodate 130 men. It also features both vertical and horizontal riser storage and is configured with eight 3,000 kW azimuth thrusters to keep the rig in position.

Designed to maximise uptime with reduced emissions and discharges, a DSSTM 38 rig is well-suited to handle the operational requirements in the deepwater "Golden Triangle" region, which comprises Brazil, Africa and the Gulf of Mexico.

About Queiroz Galvão Óleo e Gás
Queiroz Galvão Óleo e Gás (QGOG) is part of one of the largest private groups in Brazil, employing over 30,000 people. Today the Company owns and operates five semisubmersible drilling rigs with capacity up to 2,700 meters water depth, in addition to six onshore drilling rigs - four conventional and two helicopter type rigs. QGOG headquarters is located in Rio de Janeiro, while its operational bases are strategically placed throughout the country in Macaé, Manaus and Rio das Ostras.

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 further information, please contact:

Ivana Chua (Ms)
Senior Manager
Group Corporate Communications
Keppel Corporation Limited
Tel: (65) 6413 6436
Mobile: (65) 9239 1423