04 Aug 2005

Keppel FELS wins US$145 million contract to build fourth jackup for Sinvest

Keppel FELS Limited (Keppel FELS) has secured from Sinvest ASA, through its wholly owned subsidiary, Deep Drilling Invest Pte Ltd, a US$145 million contract to build a KFELS Super B Class jackup.

This is Sinvest’s fourth jackup rig with Keppel FELS. Delivery of the rig is expected in the third quarter of 2008.

The new order brings the total value of contracts clinched by Keppel Offshore & Marine Limited (Keppel O&M), the parent company of Keppel FELS, in 2005 to a new high of S$5.4 billion.

This KFELS Super B Class jackup is identical to the three earlier rigs. These rigs have capabilities for drilling High Pressure High Temperature wells up to 35,000 ft at 350 ft water depth.

Keppel FELS is the world leader in the design and construction of jackup rigs, having built over 60% of the world’s fleet on order in the last decade. It is a wholly owned subsidiary of Singapore-listed Keppel Corporation Limited, through Keppel Offshore & Marine Limited. The group has a network of 16 yards around the world to be close to its market and customers. Integrating the experience and expertise of its yards worldwide, the group aims to be a provider of choice and a partner in solutions for the offshore and marine industry.

Involved primarily in investments relating to the offshore industry, Sinvest ASA is a public company quoted on the Oslo stock exchange.

The contract secured is not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year ending 31 December 2005.

For further information, please contact

Sarah Seah
Deputy General Manager
Keppel Group Corporate Communications
Tel: (65) 6413 6420
Email: sarah.seah@kepcorp.com

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

Attachments:

The sequence of pictures show the undocking of the first Sinvest jackup that is currently under construction at Keppel FELS. This is a major milestone representing the successful fabrication of the hull and major equipment on deck.

Undocking of Sinvest's first rig, Deep Drilling 2, at Keppel FELS yard.

Undocking of Sinvest's first rig, Deep Drilling 2, at Keppel FELS yard.