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Keppel Wins a $280m Contract from Floatel

Source: www.gulfoilandgas.com 8/20/2013, Location: Asia

Keppel FELS Limited (Keppel FELS) has been awarded a contract worth about US$280 million by Floatel International Ltd (Floatel), to build its fifth accommodation semisubmersible (semi) for delivery in 4Q 2015.

Keppel FELS previously delivered the accommodation semis, Floatel Superior and Floatel Reliance, in 2010 and is currently constructing two more - Floatel Victory and Floatel Endurance.

The new semi will be a sister vessel to Floatel Victory and will be built to Keppel's proprietary SSAUTM5000NG design.

Mr Wong Kok Seng, Managing Director (Offshore) of Keppel Offshore & Marine and Managing Director of Keppel FELS said, "We have a strong track record in the design and construction of accommodation semis. This fifth order is a reflection of the win-win partnership we have built with Floatel, the strength of our rig designs and the reliability of our execution. The SSAUTM5000NG is customised for operations in deep and harsh environments with world class safety and efficiency."

"I am pleased to report that work on Floatel Victory and Floatel Endurance are progressing on schedule and we look forward to providing yet another quality vessel to Floatel safely, on time and within budget."

Able to accommodate up to 500 persons in one- and two-man cabins, the new semi will have state of the art accommodation and recreational facilities which provide increased comfort for its occupants.

Mr Peter Jacobsson, CEO of Floatel said, "Floatel Superior and Floatel Reliance, which are in our operating fleet, are both committed on long term contract and our two new buildings, Floatel Victory and Floatel Endurance are committed for work immediately on delivery. This latest order is another significant addition to our fleet of high end accommodation vessels which will further enhance our offerings to the market."

The new semi will incorporate the latest technology such as Dynamic Positioning (DP) 3 capability and enhanced station-keeping, enabling it to operate securely alongside fixed platforms, floating platforms and Floating Production Storage and Offloading Vessels, with a full complement of deck cranes, large open deck area, workshops and fire fighting capabilities.

Mr Jacobsson added, "In teaming up with Keppel FELS, we are able to assure our customers of having a technologically advanced rig which is environmentally friendly and cost efficient. Gauging from past deliveries, we have always received the rigs on time or ahead of time and I am confident it will be the same for our next rigs to be delivered, which can then start work earlier for our customers."

Floating accommodation platforms are needed to provide additional living quarters for drilling and production personnel. Such support is required during hook-up and commissioning in the development phase, for maintenance and upgrading during the production phase, as well as for decommissioning. This latest contract is not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.

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