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April 9, 2002

AMFELS delivers semisub


Cal Dive International, Inc.has accepted delivery of the Q4000, the first ultra-deepwater, semi-submersible vessel designed to perform construction and well intervention tasks in water as deep as 10,000 feet.

"Following the completion of Gulf of Mexico project work for ExxonMobil, Kerr-McGee and Mariner Energy in extended sea trials, the Q4000 will be formally placed into service and mobilized offshore Brazil to establish customer recognition in this important deepwater market," said Owen Kratz, chairman and CEO. "We are pleased that the Q4000 has been completed on time and within her $180 million budget, an achievement many did not think possible given the vessel's unique design and the fact that CDI had never built a semi-submersible."

Features include a Huisman-designed, three-sided tower capable of lifting 600 tons. The vessel's 350-ton crane is the world's first with sufficient capacity to deliver loads to 10,000 feet. The Q4000 also has a unique column- stabilized design that combines dynamically positioned station-keeping with a large deck space (15,000 square feet), significant deck load capacity (3,400 tons) and high transit speed (12 knots). The vessel, which Cal Dive commissioned in 1999, was built at the AMFELS, Inc., shipyard in Brownsville, Texas. (A high-resolution photo of the Q4000 is available at:

Y.Y. Chow, General Manager of the AMFELS shipyard, noted, "AMFELS is very proud to have delivered the Q4000 on schedule. The vessel represents a new generation prototype design for multi-role field development projects in deepwater basins around the world. The Q4000 is a testimony to the quality workmanship and project management capabilities of AMFELS. We were pleased that the sea trials prior to delivery were completed in record time for a DP-3 semi-submersible."

The Q4000 was financed under the Title XI Program of the U.S. Maritime Administration (MARAD). Upon delivery, it was documented under the laws of the United States and became subject to a first preferred ship mortgage in favor of the United States of America.

$83 million order for AMFELS
Keppel Corporation's Brownsville Texas, unit, AMFELS Inc., has won an $83 million contract to build a new jack-up rig for Mexico's Perforadora Central S.A. de C.V.

Due for delivery in the first quarter of 2004, this rig is the fourth MOD V “B” class ordered in two years

The first “B” class jack-up, Chiles Discovery has just been delivered in Singapore.

Its sister rig Chiles Galileo, being built in AMFELS for the same owner Chiles Offshore Inc is due in September 2002.

The third vessel, Atwood Beacon, is currently under construction in Singapore for Atwood Oceanics Pacific Limited and is expected to be delivered in June 2003.

“This new generation rig looks set to become the rig of choice to replace the aging jack-up rigs that have been built in the 70/80s when they retire," commented Keppel Corporation executive director Choo Chiau Beng.“With few replacements currently available in the market, there is a demand for new rigs or life extension of existing rigs, both of which are products and services that Keppel can offer, on time and within budget,” said Mr Executive Director of Keppel Corporation. “Our design, the MOD V “B” class jack-up drilling rig is the latest solution for oil companies and drilling contractors looking for a more cost-effective deep-well drilling machine. The performance of the rig exceeds the operating capabilities of conventional non-harsh environment jack-up rigs."

The new rig for Perforadora Central will be fitted with Keppel’s proprietary jacking and fixation systems developed by its research and technology arm, Offshore Technology Development.

The rig incorporates modern engineering features to improve productivity, enhance safety, and provide added independence from supply lines and environmental conditions and can drill in water depths up to 375 feet.

The rig’s design is well suited for the environmental conditions of the Mexican waters of the Gulf of Mexico.

Perforadora Central is a Mexican company providing offshore and onshore drilling services mainly for PEMEX.

MAKE PLANS TO ATTEND GULF OFFSHORE 2002
June 5& 6, 2002. Biloxi, M
S

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