23 Oct 2001

Keppel FELS will build TLP for Atlantia Offshore for US$22 million

Singapore - Keppel FELS Limited (KFELS), the offshore arm of the Keppel Group, has clinched a contract from Atlantia Offshore Limited to build a Tension Leg Platform (TLP) hull structure.

The US$22 million contract involves the construction of the hull structure of Atlantia’s Seastar ^® TLP System, which supports a self-contained topside with full production, work over, utility and accommodation capabilities.

Said Mr Tong Chong Heong, Managing Director of KFELS, “We are very happy that Atlantia Offshore has entrusted us with the building of their proprietary Seastar ^® TLP hull structure.

“The construction of this structure involves high quality work and I am glad our customer recognises KFELS’ ability to deliver on time and according to the required quality standards.”

“When completed, the hull structure has to be transported all the way to the Gulf of Mexico for installation with the topside. The fact that Atlantia Offshore chose KFELS is testament to our ability to compete in the global arena,” added Mr Tong.

The 84 feet diameter column hull structure, to be built in KFELS’ Pioneer Yard, consists of a central moon-pool and a Y-shape base pontoon for attachment of the mooring tendons.

The project is expected to be completed by end December 2002 and the platform will operate in the Matterhorn Field located in the Gulf of Mexico.

KFELS is the world class builder of offshore jack-up drilling rigs and one of the leaders in the construction of deepwater semi-submersibles and other highly sophisticated specialised vessels.

The Company has yards in Brownsville Texas, Brazil and Azerbaijan and has built 60% of the world’s jack-up rigs on order since 1996.

Atlantia Offshore Limited, based in Houston, Texas is a leading full service provider of offshore production platforms for the oil and gas industry. The Company’s proprietary offshore platforms are designed specifically to keep development costs low and implementation schedules short.

Through its product-focused approach and premier design and execution capabilities, Atlantia has captured over 40% of its target market in the deepwater Gulf of Mexico.

For further information, please contact

Ng Mien Woon
Senior Executive
Group Corporate Communications
Keppel Corporation Limited
(O): 8857 428
Email: mienwoon.ng@kepcorp.com

Attachments:

To be built by Keppel FELS for Atlantia Offshore, the US$22m Tension Leg Platform hull structure will be completed by end December 2002