16 Oct 2006

Keppel FELS on course to deliver another KFELS Super B Class jackup

Keppel FELS Limited (Keppel FELS) is on course to deliver another KFELS Super B Class jackup drilling rig to repeat customer, Sinvest ASA (Sinvest) on time and within budget.

Mrs Evelynn Worum, Lady Sponsor and wife of Mr Geir Worum, Chairman of Sinvest, named the rig Deep Driller 3 at a ceremony on 14 October 2006 at Keppel FELS.

The jackup drilling rig is the second of five KFELS Super B Class rigs that Keppel FELS is constructing for Sinvest. The first rig, Deep Driller 2, was delivered on time in April 2006.

Mr Bill Rose, President and CEO of Premium Drilling, shared at the ceremony that Deep Driller 2, which is currently operating for Brunei Shell Petroleum, is now on its fourth well with zero down time and no loss time incidents. Mr Rose also mentioned that when completed, Deep Driller 3 will be contracted to Shell next year, demonstrating Shell’s confidence in the rig and in Premium Drilling.

Said Mr Tomas Norrby, Managing Director of Deep Drilling Invest, “The Super B Class was developed by Keppel FELS to meet our tailored needs of reaching targets that lie much deeper than what we have experienced in the past.

“The enthusiasm and competence displayed by Keppel FELS in developing this unique design is remarkable. It also meets our expectations with regards to technical solutions and workmanship.”

Mr Choo Chiau Beng, Chairman and CEO of Keppel Offshore & Marine (Keppel O&M), the parent company of Keppel FELS, said, “The naming of Deep Driller 3 is also a celebration of a milestone in our successful partnership with our valued customer, Sinvest.

“I am proud to share that she will be yet another on-time and on-budget delivery, just like Deep Driller 2, when it was delivered six months ago. Construction of the other three rigs is also progressing well, according to schedule.”

Rigs built to the KFELS Super B Class design are equipped with cantilever skid-off capabilities and high capacity hook load of two million pounds for operations in high temperature and high pressure wells.

Hailed as one of the world’s deepest drilling rigs, the KFELS Super B Class rigs are capable of operating in water depths of up to 350 feet and high pressure high temperature deep drilling of down to 35,000 feet.

This design has been developed to meet the requirements of drillers for more powerful jackups as the search for hydrocarbons moves into harsher environments and deeper underground.

Mr Rose continued, “From ensuring excellent safety standards to equipping the rig with leading edge technology, Keppel FELS has proven itself to be a world class designer and builder of rigs.

“Premium Drilling is extremely proud to operate Deep Driller 3. I believe that we have the best crew to operate the most technologically advanced rig.”

Deep Driller 3 will be the first offshore jackup drilling rig to be registered in Singapore since the Maritime and Port Authority of Singapore (MPA) opened its Singapore Registry of Ships (SRS) to include offshore industry mobile units in January 2005.

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 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.

Sinvest ASA is an offshore rig-owning company listed on the Oslo stock exchange.

For further information, please contact

Grace Chia
Senior Executive
Keppel Group Corporate Communications
Tel: (65) 64136434
Email: grace.chia@kepcorp.com

This press release is also available on www.kepcorp.com and www.keppelom.com.

Attachments:

Download - Mr Choo Chiau Beng's speech delivered at the event

Lady Sponsor Mrs Evelynn Worum (centre, in red) names Deep Driller 3 as Mr Michael Chia, Executive Director of Keppel FELS (to the right of Mrs Worum) and Mr Choo Chiau Beng, Chairman & CEO of Keppel O&M (extreme right) look on

Lady sponsor (centre) Mrs Evelynn Worum, wife of Sinvest Chairman Mr Geir Worum, surrounded by key executives from Keppel FELS, Aban Offshore, Sinvest, Deep Drilling Invest and Premium Drilling, names Deep Driller 3, the second KFELS Super B Class jackup rig to be delivered on-time, on-budget to Sinvest ASA by Keppel FELS